Intel Corp. (INTC) Surges 7.23% as Investors Cheer Restructuring Plan

Intel Corporation (NASDAQ:INTC) is one of These 10 Stocks Are Making Big Moves.

Intel Corp. rallied by 7.23 percent on Tuesday to close at $23.59 apiece as investor sentiment was buoyed by its ongoing corporate restructuring plan to claw back to profitability.

Part of the move will see 529 jobs laid off across four major campuses in Oregon beginning July 15, the company said. The layoffs will affect employees at the Aloha, Hawthorne Farms, Ronler Acres, and Intel Jones campuses in Hillsboro.

“We are taking steps to become a leaner, faster, and more efficient company. Removing organizational complexity and empowering our engineers will enable us to serve the needs of our customers better and strengthen our execution,” Intel Corporation (NASDAQ:INTC) said.

“We are making these decisions based on careful consideration of what’s needed to position our business for the future, and we will treat people with care and respect as we complete this important work,” it added.

A technician soldering components for a semiconductor board.

The recent job cuts form part of the company’s plan to reduce its workforce by 15 to 20 percent, citing affordability challenges and its current financial position.

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Disclosure: None. This article is originally published at Insider Monkey.