Why These 10 Stocks Were Skyrocketing on Friday

4. Intel Corp. (NASDAQ:INTC)

Shares of Intel Corp. (INTC) rallied by 9.25 percent on Friday to end at $21.49 apiece following news that it is being targeted for an acquisition by a huge undisclosed company.

Once the largest chipmaker globally, Intel Corp. (INTC) struggled to keep up in recent years amid competitive and fast-changing technological advancements.

Last month, Intel CEO Pat Gelsinger was ousted after the board lost confidence in his strategy to revive the iconic company.

Last year, reports said that Qualcomm approached Intel to discuss a potential acquisition before eventually cooling on the idea. Thereafter, Arm Holdings Plc has reportedly inquired about the possibility of buying Intel’s product division but was told the business was not for sale.

In August 2022, outgoing president Joe Biden signed into law the CHIPS and Science Act, which aims to boost domestic semiconductor manufacturing, strengthen supply chains, and support research and development in the US semiconductor industry.

Intel Corp. (INTC) was at the center of the act with the company’s plans to increase domestic chip manufacturing as a matter of national security.