Intel drops 8% as chipmaker's foundry business axes projects, struggles to find customers
Intel 's stock dropped more than 8% after the chipmaker said it would slash foundry costs in its latest attempt to turn around its struggling business. Concerns about where that leaves Intel's chip manufacturing business overshadowed a better-than-expected earnings report late Thursday. Intel beat on revenue and issued a sales forecast for the third quarter that also topped estimates. The company reported adjusted earnings of 10 cents per share, topping the average analyst estimate of a penny,