Updated 3 November 2026, before the US open. Intel (INTC) closed Monday at $59.97, down 8.80 percent from Friday’s $65.76, after trading as low as $59.40 (StockAnalysis). It was the second leg down after Friday’s 28.6 percent drop, the worst day since 1974, and it leaves the stock about 47 percent below where it stood on 6 October (Yahoo Finance). Verdict: Monday answered the question our last page asked: buyers did not defend Friday’s $63.20 low. The next answer comes from AMD’s client guide tonight. Reference levels: $54 below, $66 above.
Key facts
- Monday close: $59.97, down 8.80 percent; open $65.40, range $59.40-$65.72, on about 231 million shares (StockAnalysis). MarketBeat had mid-session volume 93 percent above the 117.7 million-share average.
- Friday: the stock fell 28.6 percent to $65.76 on 30 October after the third-quarter report; it lost 45.2 percent in October (Trefis).
- The guide that did it: fourth-quarter revenue of $15-$16 billion, below third-quarter revenue and the roughly $17 billion analysts expected, including a hit of about $300 million from an accident at its Israel factory (Trefis, Yahoo Finance).
- The quarter itself: revenue of $16.5 billion, up 20.9 percent, against $16.56 billion expected; adjusted EPS of $0.52 against $0.39-$0.41 expected (Trefis, MarketBeat).
- Monday’s downgrade: Freedom Broker cut Intel to Hold from Buy and its target to $90 from $100 (MarketBeat).
- Consensus: Hold, with an average target of $97.42 from 2 Strong Buy, 19 Buy, 28 Hold and 2 Sell ratings (MarketBeat).
- Averages: the 50-day moving average is $101.10 and the 200-day $86.36 (MarketBeat); the stock is now far below both.
What Monday answered
Our Monday Intel page said Friday’s $63.20 low was the line, and that a close below it would show no buyers had stepped in after the first shock. The stock opened at $65.40, failed to hold it and closed at $59.97, more than 5 percent under that low. The bear case on that page was $58; Monday’s low came within $1.40 of it.
The selling was not only Intel’s. Nearly every chip stock fell on Monday while about 7 in 10 S&P 500 stocks rose, and the chip group lost more than $400 billion of value in the session. Since 6 October, Intel has lost about $279 billion, a 47 percent drop and the steepest among the large chipmakers; Monday’s close left it worth less than half of its value at the end of September (Yahoo Finance).
Is the selling close to done?
Some investors think so. Adam Johnson, portfolio manager of the American Ingenuity Fund, said “the market kitchen-sinked it”, meaning the selloff has priced in the worst. Jeff Hirsch of the Stock Trader’s Almanac said he bought the 30 October drop, noting that chip stocks have risen in all eight midterm cycles since 1994, measured from the last October close to the following June. He also noted that in 2002 and 2018 they first fell about another 11 percent (Yahoo Finance).
The analyst targets are a long way above the price. Even after the cuts, the lowest new targets reported last week were Roth’s $70 and Truist’s $72 (Benzinga, MarketBeat), both well above Monday’s close. Targets set right after a crash are a 12-month view, not a floor: they did not stop Monday’s 9 percent fall.
Why AMD’s report tonight is Intel’s next test
Intel blamed its weak outlook on a steeper-than-expected fall in the PC market and said high memory prices were adding to costs (Yahoo Finance, Trefis). AMD sells competing PC processors and reports third-quarter results tonight after the close. If AMD’s client guide holds up, Intel’s problem looks like lost share; if AMD guides just as weakly, the slowdown is industry-wide and Intel’s server and foundry business becomes the focus again. Our Tuesday AMD page sets out what the report has to show.
Intel this week: bull, base and bear
| Scenario | INTC | What has to happen | Anchor |
|---|---|---|---|
| Bear | $54 | AMD’s client guide confirms a market-wide PC decline, more downgrades follow and Monday’s $59.40 low breaks on heavy volume. | About 10 percent below Monday’s $59.97 close, a third leg the size of Monday’s. |
| Base | $57-$64 | Selling slows after two heavy sessions and the stock trades between Monday’s low and Friday’s low while the market digests AMD. | Monday’s $59.40 low to just above Friday’s $63.20 low. |
| Bull | $66 | AMD’s report suggests Intel is losing share rather than the market collapsing, and buyers follow the “kitchen-sink” view. | Friday’s $65.76 close and Monday’s $65.72 high; about 10 percent above Monday’s close. |
The bear case sits below the current price. Analyst targets, all above it, are listed separately above. These are reference levels measured from the verified close, not forecasts.
What to watch
- $59.40: Monday’s low. Holding it would be the first sign the forced selling is easing.
- Volume against Monday’s 231 million shares and Friday’s much heavier session.
- AMD’s results tonight, especially its fourth-quarter client guide.
- Further rating changes after Freedom Broker’s downgrade.
- Insider buying: chief executive Lip-Bu Tan bought about $10 million of stock at an average of $95 in August (MarketBeat); a new purchase would be read as a signal.
Quick take: Intel closed Monday at $59.97, down 8.8 percent and below Friday’s low, a second leg after the 28.6 percent drop on its weak fourth-quarter guide. It is down about 47 percent since 6 October. Some investors say the worst is priced in; the chart has not confirmed it yet. AMD’s client guide tonight is the next test. Expect $57-$64; $54 needs AMD to confirm the PC slowdown, $66 needs a softer read from AMD.
FAQ
What was Intel’s closing price on Monday 2 November?
$59.97, down 8.80 percent from Friday’s $65.76 close, with a low of $59.40 (StockAnalysis).
Why did Intel stock fall again on Monday?
The whole chip group sold off, losing more than $400 billion in value, and Freedom Broker downgraded Intel to Hold with a $90 target (Yahoo Finance, MarketBeat).
Why did Intel stock fall 28.6 percent on Friday?
Intel guided fourth-quarter revenue to $15-$16 billion, below the roughly $17 billion analysts expected, and blamed a steeper-than-expected fall in the PC market (Yahoo Finance).
How much has Intel stock fallen since October?
About 47 percent since 6 October, or roughly $279 billion of market value (Yahoo Finance).
What is the average analyst price target for Intel?
$97.42, with a consensus Hold rating from 51 analysts (MarketBeat).
When does Intel report next?
Intel’s next earnings report is due in January 2027 (Trefis). The nearer test is AMD’s report tonight, 3 November, after the close.
Sources: StockAnalysis (Monday open, range, close, volume); Yahoo Finance, 2 November (chip selloff size, Intel value lost since 6 October, fourth-quarter guide, Johnson and Hirsch comments); MarketBeat, 2 November (Freedom Broker downgrade, consensus, moving averages, volume, third-quarter figures, insider purchase); Trefis, 2 November (Friday drop, October loss, quarter and guide details, Israel factory hit, next report); Benzinga (earlier target cuts).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
