Intel extends post-earnings slide, closing down 8.80% at $59.97

Intel's sell-off rolled into a second session on Monday. The stock fell 8.80% to $59.97, among the weakest names in the S&P 500, one session after a 28.6% plunge to $65.76 that was its steepest one-day drop since 1974. That Friday rout capped a 45% decline in October, the worst month on record for the shares. The stock traded around $127 in late September.

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The trigger is guidance. Intel guided fourth-quarter revenue to $15 billion to $16 billion and adjusted earnings to $0.25 per share, against analyst expectations of about $17.1 billion and $0.44. Finance chief David Zinsner said PC weakness should persist through at least the first half of 2027, as soaring memory costs make computers pricier and push consumers to delay upgrades. An incident at the Kiryat Gat plant in Israel is expected to cost $300 million to $600 million in revenue.

The quarter itself was not the problem. Revenue rose 21% to $16.5 billion and data-center revenue climbed 78% to $7.3 billion. CEO Lip-Bu Tan sees the server-processor market reaching about $200 billion over five years, but Intel says it cannot make enough chips to meet demand, citing tight supply of wafers, substrates and memory.

That squeeze is forcing trade-offs. Intel is shifting some Oregon capacity from its advanced 18A process, the node it is counting on to win outside foundry customers, toward the older Intel 3 node used for data-center parts. Bank of America, Roth Capital Partners, Seaport Research Partners and Freedom Broker cut the stock to neutral or hold, while JPMorgan, Truist and RBC Capital lowered price targets. The question for holders now is whether data-center demand can outrun a PC slump that management says has months left to run.

Correction, Nov 2, 2026: An earlier version gave preliminary figures; updated with official closing data.