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Intel stock dropping toward 50 year low amid restructuring news
Bonds issued by troubled chip maker Intel Corp. were getting crushed on Friday as the stock cratered toward a 50-year low, with spreads widening by 15 to 20 basis points as the selling gained momentum. Adding to the gloom, S&P Global Ratings placed its A-minus rating on Intel to CreditWatch Negativ
Live Coverage Feed Bonds issued by troubled chip maker Intel Corp. were getting crushed on Friday as the stock cratered toward a 50-year low, with spreads widening by 15 to 20 basis points as the selling gained momentum. Adding to the gloom, S&P Global Ratings placed its A-minus rating on Intel to CreditWatch Negative, meaning it could downgrade the credit in the near-term. The move “reflects our view that the company will likely miss the free cash flow and, possibly, leverage targets we view as consistent with the current rating,” the rating agency said in a statement.
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