Intel says prepared to work with hedge fund on business focus

Washington (AFP) – Intel’s shares rose sharply Tuesday after the computer chip giant said it was prepared to work with a hedge fund on changes to its business to boost shareholder value. The market action came after Intel acknowledged receiving a letter from Third Point, led by activist investor Daniel Loeb. Intel rose 4.9 percent to close at $49.39. “Intel Corporation welcomes input from all investors regarding enhanced shareholder value,” the California tech giant said. “In that spirit, we look forward to engaging with Third Point LLC on their ideas towards that goal.” The letter, according …

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HEDGE accordingly