Mobileye Jumps After Intel Says It Won’t Sell Majority Stake
- The idea of Intel divesting had been an ‘overhang’ on stock
- Mobileye has struggled to cope with auto industry slowdown
Mobileye Global Inc. headquarters in Jerusalem, Israel.
Photographer: David Lombeida/BloombergThis article is for subscribers only.
Mobileye Global Inc. shares surged the most in nearly two years after Intel Corp. said it isn’t “currently” preparing to unload its majority stake in the maker of autonomous driving technology, easing investors’ fears.
Intel, which holds 88% of Mobileye, said in a statement Thursday that it doesn’t have “any plans to divest a majority interest in the company.” The remarks sent the shares up as much as 19% to $13.79 in New York trading, marking the biggest intraday gain since Oct. 26, 2022.