Why Intel Stock Zoomed Almost 5% Higher on Monday
Incumbent chip maker Intel (NASDAQ: INTC), a banner victim of this year's tech stock sell-off, had an unusually good Monday. The company's shares rose by almost 5% on the day, due in part to a general rebound of tech titles generally and chip makers specifically, and partly due to a looming divestment.
After market hours on Friday, Intel's assisted- and autonomous-driving tech unit Mobileye filed a prospectus for an initial public offering (IPO). Intel had previously signaled a spin-off of Mobileye on the public market, and investors welcomed its realization.
At least, the first stage of it. The document is only an initial prospectus, and it does not specify the amount of capital Intel/Mobileye is aiming to raise.
Source Fool.com
