Intel stock hits another 52-week low, then rallies
SAN FRANCISCO (AP) — Intel Corp.'s slumping stock touched a 52-week low for the third straight day before it started to attract investors looking for potential bargains.
The computer chip maker's shares sank as low as $20.80 in Friday's early trading before bouncing back. The stock had gained 18 cents to $21.01 in midday trading, still leaving the price 13 percent below from where it started the year.
Intel has fallen out of favor on Wall Street, primarily because of decline in personal computer sales as more people become enamored with smartphones and tablet computers such as Apple Inc.'s iPad to surf the Web. The trend has been bad news for Intel because its microprocessors are used in most PCs, but most mobile devices depend on other chips that consume less power.
To make matters worse for Intel, its chips may be dropped from Apple's line of Mac PCs within the next few years, according to media reports earlier this week. Apple started using Intel's processors in its Macs seven years ago.