New Intel Corp. INTC,
shares fell nearly 19% in the past month, the chipmaker announced on Wednesday that it plans to spend $ 10 billion on its own stock market by the end of the year. Shares gained nearly 4% in trading hours after the announcement. Intel said it would adopt a faster share buyback deal as part of a plan announced in October to buy back $ 20 billion, with one such deal guaranteeing a return of 166 million shares and the rest of the target to be completed by the end of 2020. “While the macroeconomic environment remains uncertain, Intel shares are currently trading well below our intrinsic rating, and we believe these repurchases are currently prudent,” Chief Executive Officer Bob Swan said in Wednesday’s announcement. Intel is struggling with its engineering process on new chips like rival Advanced Micro Devices Inc. AMD,
has flourished and taken market share and Nvidia Corp. NVDA,
has surpassed Intel’s market capitalization. After closing with a 0.7% drop to $ 48.33, shares peaked at $ 50 on Wednesday night.
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