5 Biggest Losers Today

2. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 65

Shares of Intel Corporation (NASDAQ:INTC) slipped nearly three percent in mid-day trading Tuesday following the news that its self-driving unit Mobileye Global is now looking to achieve a valuation of around $16 billion in the IPO. That’s significantly down from the initial expectations of about $50 billion.

Intel Corporation (NASDAQ:INTC) reportedly cut the expected valuation of the unit due to unstable market conditions. The chipmaker acquired Mobileye back in 2017 for $15 billion. The latest valuation target suggests the company will not be getting any significant return on its investment.

Meanwhile, Intel Corporation (NASDAQ:INTC) has struggled to meet market expectations this year. It missed financial estimates for the second quarter. Many expect a similar performance from the chip giant when it posts its Q3 results later this month.