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Technology Stocks : Semi Equipment Analysis
SOXX 312.18-0.2%Dec 9 4:00 PM EST
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From: Julius Wong8/9/2024 9:52:21 PM
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Intel's woes continue following downgrade by Moody's

Aug. 09, 2024 3:09 PM ET
By: Brandon Evans, SA News Editor

Andrei Berezovskii/iStock Editorial via Getty Images

  • Intel (NASDAQ: INTC) took another hit when Moody's Ratings downgraded its senior unsecured ratings to Baa1 from A3. Moody's also changed the outlook for Intel to negative from stable.
  • Intel was down 3% during afternoon trading on Friday. Its shares have declined more than 40% over the past month.
  • "The downgrade of the ratings reflects our expectations for Intel's significantly weaker profitability over the next 12 to 18 months resulting from a combination of higher costs related to product and manufacturing process technology transitions, unfavorable product mix, a weaker-than-expected demand in nearly all of its product segments, and continued market share losses," Moody's said.
  • This follows news on Wednesday that shareholders had filed a lawsuit against the company, alleging Intel had misled them regarding its nascent foundry business.
  • Moody's still believes Intel can steady the ship by the time its foundry segment is expected to generate break-even operating profits in 2027.
  • "The company will need to demonstrate it can manufacture products cost-efficiently in high volumes at leading process nodes for its product segment as well as for third-party customers," Moody's said.
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