Intel rallies to highest level since earnings disaster on foundry spin-off rumor

Intel stock has been lifted as much as 9% on Friday following a Bloomberg article. Semiconductor firm is in talks with Wall Street banks to devise new strategy. Company could once again spin off its foundry business after recent resurrection.

stock is now trading at highest level since its earnings collapse on August 2. Intel , the troubled legacy semiconductor giant, jumped 9% on Friday after the company leaked internal discussions over spinning off its foundry business and refocusing on chip design. shares moved as high as $22.12, the highest the stock has traded since it came crashing down on August 2 following an earnings release in which Intel lost $1.6 billion. As the smallest member of the Dow Jones Industrial Average , Intel’s rally was unable to sway the index, which sold off 0.2% despite slight gains from the S&P 500 and NASDAQ. Intel stock news Bloomberg published a story on Friday that looks to be a planned leak from the C suite.

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