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Intel falls again as chip stocks lose more than $400 billion in a session
Yahoo Finance said Intel dropped about 9% Monday after a late-October plunge, as chip and memory stocks lost more than $400 billion in market value in one session by the outlet's calculations.
Intel Corp. shares fell about 9% on Monday, extending a late-October slide, as chip stocks lost more than $400 billion in market value in a single session even as most of the S&P 500 rose, Yahoo Finance reported1.
About 7 in 10 S&P 500 stocks advanced Monday, yet nearly every chip stock declined, according to the outlet1. Yahoo Finance said the drop followed Intel's worst session since 1974 on Oct. 30, when a disappointing forecast cut nearly 29% from the stock1. Monday's close left Intel worth less than half of its value at the end of September, the report said1.
Memory and storage companies Micron Technology, Sandisk, Seagate Technology and Western Digital each fell roughly 6% to 8%, Yahoo Finance said1. Marvell Technology fell even more, a move the outlet tied to Marvell's agreement to buy Lumentum Holdings in a $115 billion deal1. Nvidia held up better than most chip names but was still down about 16% since Oct. 6, according to the same report1.
Chip and memory stocks have lost about $3.7 trillion in market value since Oct. 6, by Yahoo Finance calculations1. Nvidia lost the most in dollars, and Intel's drop of nearly half was the steepest among the giants, the outlet said1.
Yahoo Finance noted that chips have climbed in all eight midterm cycles since 1994 from the last October close through the following June, by its calculations, but that in 2002 and 2018 they first fell about another 11%1.
