Intel (NASDAQ: INTC) is emerging as one of the biggest battleground stocks of the year.
Shares of the chip titan, best known for its personal computer CPUs, plunged in early August after the company missed analysts' estimates with its second-quarter results, offered weak guidance for the third quarter, said it would eliminate its dividend, and announced a restructuring plan that included laying off at least 15% of its workforce, or 15,000 people.
Intel shares fell to below $20 in the aftermath of all that news, but recently, they seem to be on the rebound. Intel announced a new $3 billion contract from the U.S. Defense Department, as well as an expanded partnership with Amazon that will have Intel's foundries making AI chips for the tech giant.
Source Fool.com