Intel Approaches 2012 Lows
Intel (INTC) is extending yesterday's heavy loses today. Thursday, the stock was hit hard on very heavy volume as the lousy personal computer action spread. INTC dropped 2.7% on its fifth straight decline – which was also its eighth loss out of the last nine sessions. The stock dipped again today in the early going, but appears to be rebounding somewhat after reaching a key support zone. This support area, between $24.90 and $24.70, has held the three previous monthly lows and is making its presence felt again today. If INTC can maintain its current lows through the close, it will be the sixth weekly low in this area since mid-May.
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