Intel (NASDAQ:INTC) stock is falling on Wednesday after the chipmaker’s license to export its products to Huawei was revoked by President Joe Biden’s administration.
This builds on an ongoing trade battle between the U.S. and China, which has resulted in several bans on exporting certain chips to Chinese companies. That ban has been expanded to include communication company Huawei.
Following this change, Intel updated its revenue guidance for the second quarter of 2024. The company still anticipates revenue to range from $12.5 billion to $13.5 billion. However, it warned that its revenue for the quarter will likely be below the midpoint of this range. For the record, Wall Street’s revenue estimate is $13.03 billion in Q2.
Intel’s outlook for the full year of 2024 is still vague. The company only says that it expects revenue and EPS for the year to increase compared to 2023. Analysts are expecting revenue of $55.83 billion on EPS of $1.10 during the period.
How This Affects INTC Stock
INTC shareholders are getting rattled by the guidance update and chip export ban today. That has shares of INTC stock slipping 2.9% lower as of Wednesday afternoon.
Stock movement for Intel includes some 28 million shares being traded as of this writing. That’s below its daily average trading volume of about 49.7 million shares.
There are plenty of other stock market stories ready to go for traders who want to all of the latest news today.
We have all of the hottest stock market happenings worth reading about on Wednesday! Among that is what has shares of Rivian (NASDAQ:RIVN) in the news, why Sweden cut interest rates and more. All of this news is available below!
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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.
