Intel’s Battered Bulls Find Hopes Dashed Again After Huawei Ban
- ‘No reason to own it’ as a short-term bet, analyst says
- Stock has significantly underperformed the chipmaker index
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Intel Corp bulls just cannot catch a break in 2024.
After a 90% rally in its shares last year, the chipmaker hit another snag in its years-long effort to turn around its operations as it said a US ban on chip exports to Huawei Technologies Co. would pressure revenue. The statement, which knocked the stock to its weakest close in almost a year, was the latest in a seemingly endless drumbeat of bad news, testing the patience of those who hope Chief Executive Officer Pat Gelsinger can deliver on his vision.