Intel Falls Over 27% Premarket, on Track for Largest Single-Day Drop Since 1974

October 30 – Intel (INTC) extended its premarket decline to more than 27%, after having already fallen over 23% in after-hours trading. If the drop holds through the close, it would mark Intel's largest single-day decline since 1974. Intel had reported third-quarter revenue and earnings per share both above expectations, but its fourth-quarter revenue guidance of $15 billion to $16 billion was below the market's expectation of about $17 billion, and non-GAAP EPS guidance of $0.25 was also below the expected roughly $0.43. The company also expects fourth-quarter client business revenue to fall more than 20% quarter over quarter, and the accident at its Fab 28 plant in Israel is expected to cut fourth-quarter revenue by about $300 million. After the earnings release, JPMorgan, Piper Sandler and Jefferies all lowered their price targets on Intel.