On this episode of Stock Movers:
- Intel (INTC) shares slid nearly 10% during trading today after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge. As part of Intel’s second-quarter report, Tan said the company will cancel some factory projects and take a more conservative approach to future spending. Tan called the investments begun under his predecessor, Pat Gelsinger, excessive and unwise. “I do not subscribe to the belief that if you build it, they will come,” he said on a conference call with analysts. At the same time, Tan struggled to give a clear picture of how he’ll make the company more competitive again. Gelsinger had embarked on an ambitious plan to turn Intel into a chip foundry, a business that makes products for outside clients. A key part of that was moving toward a more advanced production technique called 14A. But Tan signaled Thursday that Intel will only roll out that technology tentatively.
- Deckers (DECK) shares soared today after net sales for Ugg boots and Hoka running shows saw big sales gains in the last quarter, bolstering financial results for parent company Deckers Outdoor. The company’s shares gained as much as 21% on Friday, the biggest intraday rise since October 2023. The stock had fallen 48% this year through Thursday’s close. Rival Swiss sneaker marker On Holding AG shares also rose 5.3% in premarket trading. Chief Executive Officer Stefano Caroti has been steering Deckers through tariff pressures while trying to capitalize on the rising popularity of Hoka sneakers in the running shoe category. Its Ugg brand, known for its stout sheepskin boots, has long been a steady winner for the company.
- Boston Beer (SAM) shares were up after the alcoholic beverage maker reported earnings that beat estimates.
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