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Shares of Intel Corp. tumbled 9.6% in premarket trading, putting them on track for the worst one-day performance in 15 months, in the wake of the semiconductor maker's fourth-quarter profit miss and warning of coming losses. The implied price decline would shave about 19 points off the Dow Jones Industrial Average's price , while Dow futures shed 11 points, or less than 0.1%. Intel's stock is the lowest price stock in the Dow, so it has the least impact, since the Dow is a price-weighted index. For example, a 9.6% move in the Dow's highest price stock, UnitedHealth Group Inc. (UNH), would cut about 312 points off the Dow's price. Intel investors have gotten used to volatile stock moves after earnings reports, especially big declines. The stock rose 10.7% the day after third-quarter results, but fell the day after the nine-straight quarterly reports before that, by and average of 9.0%.

-Tomi Kilgore

(END) Dow Jones Newswires

January 27, 2023 06:47 ET (11:47 GMT)

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