Intel shares rose 5.82% after reports from the Wall Street Journal that Qualcomm approached the company about acquiring it in recent days.
Intel shares are down in 2024 from a year-end close of $50.25. The current price is up $1.23, or 5.82%, at $22.37 in volatile trading. The year-to-date low was $18.51 on September 10.
With Berkshire divesting some of its stakes in Apple and Bank of America and raising cash, is this a good idea too?
I’m just thinking out loud. It’s not certain but it could be interesting if they like the management and the plan.
Technically, the price is back above the $22.00 ceiling again. Earlier this week, the price rallied on Intel’s factory plans (separate from Intel’s proprietary chips), infrastructure spending plans outside the US (which have been shelved for the near term), and expectations of job cuts. The stock reached a high of $22.58.
There is room to run but it should have support as this stock has been consistently sold on bounces and there is a lot of work to be done to give buyers some confidence.