Pulse of the Market: Wednesday’s 10 Worst Performers

4. Intel Corp. (NASDAQ:INTC)

Intel Corp. dropped its share prices by 6.94 percent on Wednesday to end at $24.12 apiece as investors turned cautious over the new CEO’s potential move to lay off half of the company’s workforce to save the technology giant from a possible bankruptcy.

Lip-Bu Tan, who took over as INTC’s CEO on Tuesday, met with employees immediately and signaled that tough decisions will be made ahead.

According to reports, part of Tan’s strategic overhaul is likely to push for deeper efficiency improvements, which could result in further job cuts in non-essential departments, and reallocate resources towards AI innovation.

“Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry, and delight our customers like never before,” Tan said to Intel employees.