Shares of Intel Corporation INTC took a nosedive during Friday’s trading. The tech giant delivered strong fourth-quarter results, but future projections failed to enthrall shareholders, causing a double-digit drop in their stock value.
The company’s forecast for the first quarter was considerably weak when compared to the expectations of Wall Street, with revenues expected to hover between $12.2 billion and $13.2 billion, falling short of the $14.2 billion estimate. Additionally, Intel projected first-quarter earnings of 13 cents per share – a far cry from the Street’s 33 cents per share estimate.
This grim outlook triggered a 10.7% plunge in Intel’s shares, which tumbled to $44.23 on Friday.
Meanwhile, other stocks were also on the move in Friday’s mid-day session.
Winning Warriors
- Corbus Pharmaceuticals Holdings, Inc. CRBP experienced a meteoric 146% surge to $20.76 after announcing positive data from a clinical study.
Losing Warriors
- Richtech Robotics Inc. RR weathered a 67.8% decline to $3.1850.
Positive Sentiment
Market Carnage
- Mobilicom Limited MOB experienced a brutal 23% plunge, closing at $1.3995 after the announcement of a $2.95 million registered direct offering.
- American Rebel Holdings, Inc. AREB shares suffered a 21.3% setback, concluding at $0.2950 despite a 41% spike the previous day.
- Longboard Pharmaceuticals, Inc. LBPH nosedived 10.7% to $23.20, experiencing a significant blow to its market value.
Company-Specific Woes
- Revelation Biosciences, Inc. REVB tumbled 18% to $8.53, facing continued decline after a 13% drop the prior day.
- Spirit Airlines, Inc. SAVE plummeted 16.2% to $6.05. The plunge was triggered by news from JetBlue that certain conditions for closing the planned merger might not be met as anticipated.
- Western Digital Corporation WDC encountered a 2.9% dip to $58.61 despite reporting better-than-expected earnings and sales results for its second quarter.
Investor Turmoil
Investors were left reeling as several companies experienced drastic stock devaluation. With plummeting prices, such as Mobilicom Limited’s 23% decline, or American Rebel Holdings, Inc.’s 21.3% slump, portfolios have taken a hit. Longboard Pharmaceuticals, Inc.’s 10.7% nosedive added to the market carnage, compounding the investor turmoil.