Intel Stock Plunges After Apple Cuts Legacy Support
Intel Corporation's stock price has taken a hit after a significant rally, falling by -2.99% as investors become increasingly concerned about weakening PC demand. The company's shares had surged 9.1% in the prior day, but this recent pullback is a sign of technical cooldown after an aggressive rally.
The concern for Intel stems from Apple's decision to allow Mac App Store developers to drop support for Intel-based Macs in macOS 13+ apps, further reducing the company's legacy Mac footprint. This news adds to the long-term platform erosion concerns, making INTC a high-attention name for momentum and swing traders.
Financially, Intel is a mixed picture, with revenue near $52.9B over the last year but negative profitability due to profit margins of around -20%. The price-to-sales ratio of 11.5 is rich for a company still posting losses, but the balance sheet shows that INTC can cover near-term bills.
For traders, this setup, weak earnings, decent cash flow, and strong trend, often fuels sharp moves both ways. Intel's stock has been trending down by -2.99%, with a recent daily chart showing a roughly 30% move from the low $90s to the low $120s in a matter of days.