Intel shares plunge 29% after weak Q4 outlook and Israel plant blast
Yahoo Finance reported that Intel's shares fell nearly 29% Oct 30, after the chipmaker projected fourth-quarter revenue and earnings below analysts' expectations. The decline followed a series of warnings that began on Oct 29, when Reuters said Intel's after-hours stock dropped 23% after it warned of weaker PC demand, higher cash burn and a $600 million revenue hit from an explosion at its Fab 28 plant in Kiryat Gat, Israel.
The company later forecast fourth-quarter revenue of $15-$16 billion, below estimates, and said the blast would reduce its gross margin by about two points, according to statements reported by The Globe and Mail and BigGo Finance. Ynetnews noted the same after-hours slide and the fatal blast at the Israeli facility.