Intel Shares Fall 29%, Their Worst One-Day Drop Since the 1970s
Intel shares fell 29% Friday after the chipmaker warned that a factory shutdown in Israel and a weak PC market would hit quarterly earnings. The decline erased about $12 billion from the value of the US government's stake.
Intel shares plunged 29% on Friday, their worst one-day fall since the 1970s, wiping about $12 billion off the value of the US government's stake in the company after the chipmaker warned that a factory shutdown in Israel and a weak PC market would hit its earnings this quarter.The sell-off dealt a…