On Tuesday, Intel Corp.’s stock turned bearish for the first time in over two years.
Plunging -3% on Tuesday, the stock extended a six-session losing streak. It closed 21.3% below its 18-year closing high of $57.08 on June 1, 2018. A bear market is usually defined as a decline of 20% or more from a peak. Pre-market trading on Wednesday saw Intel stock decline by -0.6%.
The semiconductor manufacturer has been plagued with chip-supply shortages in recent times. DigiTimes reported Monday that Intel’s overall 14-nanometer chip supply has fallen short of demand by as much as 50%, citing industry sources.