Intel (NASDAQ:INTC) stock is falling on Friday following reports that the semiconductor company is delaying the opening of its Ohio manufacturing facility. According to recent reports, Intel won’t open this facility until sometime in 2026.
Intel says that it is still dedicated to opening the facility and that it has made a lot of progress toward that goal over the last year. However, investors are concerned about the delays and what they mean for the company’s business.
For example, Intel has already reported a lackluster guidance for 2024 in its latest earnings report. That came about after it warned that demand for its chips was decreasing, as Reuters notes.
What to Expect From INTC Stock
Considering today’s delay news, it makes sense that shares of INTC stock would slip. Those losses could extend further into the year if investors continue to be unimpressed by the tech company’s reports.
Adding to that is that 2024 is shaping up to be a tough year for tech companies. Many other tech firms have already laid off employees to reduce operating costs amid increased inflation and high interest rates. Some traders are hoping that the Federal Reserve will cut interest rates this year.
INTC stock is down 2.5% as of Friday morning.
There are more stock market stories worth reading about at the links below!
We have all of the hottest stock market news that traders need to know about on Friday! Among that is what’s happening with Tesla (NASDAQ:TSLA), Fisker (NYSE:FSR) and Palantir (NYSE:PLTR) stock today. All of that info is ready to go at the following links!
More Stock Market News for Friday
- TSLA Stock Alert: Tesla Recalls 2.2 Million Vehicles in the U.S.
- Troubled EV Maker Fisker Is Kicking Off Its 17-City Tour Today
- PLTR Stock Alert: Palantir Forms New Partnership with Coles Group
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
