Intel CEO Lip-Bu Tan Buys $9.7 Million Of Stock After October Plunge
Tan's family trust bought 150,000 shares Monday, his second purchase filing since August 6, after the stock's steep October slide.
Intel CEO Lip-Bu Tan bought 150,000 shares of the chipmaker's stock through a family trust on Monday, an SEC filing made Wednesday shows. The purchase, valued at $9.7 million, came days after Intel shares fell 29% on Friday on a weak fourth-quarter forecast.
A $64.73 average price
Tan paid an average of $64.73 per share, in multiple trades priced from $64.705 to $64.735, according to the Form 4, the report insiders file after trading. The 150,000 shares equal 10.12% of the stake he reported after the purchase.
He now reports 1,481,640 shares: 16,471 held directly and 1,465,169 indirectly through a family trust and a 401(k). That stake was worth an estimated $87.7 million at Wednesday's price.
Second buy since August 6
Earlier filings show Tan bought 105,263 shares at about $95.00 on August 11, for $10.0 million. Counting this filing, he has made two purchase filings since August 6, totaling 255,263 shares and $19.7 million.
The August price sits well above Monday's $64.73 average.
The forecast behind the drop
Intel shares fell 29% on Friday after the company forecast fourth-quarter revenue of $15 billion to $16 billion, $1 billion to $2 billion below analyst estimates. PC sales have suffered from soaring memory and component costs.
Data center revenue grew 78% in the quarter, leaving the company leaning on servers while its PC business weakens. The stock is still up 64.1% so far this year, even after the October slide.
Intel's fourth-quarter results will show whether data center growth can offset a PC slump management has warned will last into next year.
Sources
- Form 4 — Lip-Bu Tan (INTC) — SEC EDGAR
- Nancy Pelosi’s Family Bought Intel in July, Right Before Its Worst Day Since 1974 — Yahoo Finance
- Intel stock's record October plunge tests its foundry ambitions — qz.com
- Intel foundry faces critical test after stock's 45% plunge in October — CNBC
- INTC Q3 Earnings Call Highlights AI Demand and PC Weakness — Yahoo Finance
- INTC Q3 deep dive: strong data center growth offsets PC challenges, outlook pressured by supply constraints — Yahoo Finance
