Intel shares rose 10% in after-hours trading on Wednesday following the appointment of new CEO Lip-Bu Tan. The move comes as the company seeks to revitalize its stock performance, which has lost more than half its value over the past 12 months.
Tan, former CEO of Cadence Design Systems, will take over from interim CEOs David Zinsner and Michelle Johnston Holthaus. His appointment follows a report that Taiwan Semiconductor Manufacturing Company (TSM) approached Nvidia, AMD, and Broadcom about forming a joint venture to own Intel’s foundry division.
Investors are watching crucial overhead areas on the chart, including $22, $26, and $30. A successful close above $22 could propel shares to $26 or higher. Meanwhile, a major support level near $19 is worth monitoring if the stock retraces to multi-month lows.
Source: https://www.investopedia.com/watch-these-intel-price-levels-as-stock-soars-after-chipmaker-names-new-ceo-intc-11696008