Intel ( (INTC) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Intel has been in the spotlight recently due to a significant breach of its trade secrets by a former engineer, Jinfeng Luo. This incident has negatively impacted Intel’s stock, causing a 2% drop in shares. Luo, who was notified of his layoff, allegedly attempted to steal around 18,000 files marked ‘Intel Top Secret’ before his termination. Intel is now seeking $250,000 in compensation from him. Despite this setback, Intel’s Israeli operations are making strides, contributing to a 4% surge in Intel’s shares. The company is also collaborating with Microsoft to launch the Intel vPro Fleet Services, a cloud-native system aimed at improving computer fleet management.
On the financial front, Intel’s stock has seen a 47.82% rally over the past year. However, Wall Street analysts maintain a ‘Hold’ consensus on the stock, with a price target suggesting a potential downside risk. CNBC’s Jim Cramer advises caution, noting that while Intel has potential under its new CEO, the company still faces significant challenges in the competitive chip market.