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Intel (NASDAQ:INTC) is working with Morgan Stanley and others as it seeks to defend itself from activist investors after its shares have lost almost 60% this year.
No campaign from an activist has started, and it’s not clear if activists have contacted the chipmaker’s board, according to a CNBC report on Friday, which cited people familiar with the matter.
Activists could Intel as its stock has plunged nearly 40% over the past month. On Aug. 1, Intel reported second quarter financial results and a third quarter outlook that all fell below consensus estimates. The Pat Gelsinger-led company also announced plans to slash its workforce by 15% and suspended its dividend. It has since been hounded by numerous rating downgrades and a steadily falling stock price.
On Thursday, Intel (INTC) confirmed an earlier Bloomberg report that board member Lip-Bu Tan, former CEO of Cadence Design Systems (CDNS), resigned from the board, two years after the company had hired him to help the chipmaker’s comeback.
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