Investors are fearful of weak firms. Intel (INTC) joined the list of stocks to sell when shares lost 8% on Wed. and fell another 1.49% on Thursday. The foundry business lost $7 billion, despite revenue of nearly $19 billion.
This year is the inflection year for Intel, where losses peak. Afterward, gross margins will range between 35%-40% through 2030.
INTC stock has a fair value of $39.73.
Drug manufacturing giant AbbVie (ABBV) lost 5.32% yesterday. It cut its diluted earnings per share guidance to $10.97 for 2024. In Feb., AbbVie had reaffirmed a diluted EPS guidance of $11.05 - $11.25. In Q1, EPS is $2.18-$2.22. The firm has a $164 million IPR&D and milestone expense in Q1/2024. This translates to an 8-cent loss per share.
After testing the support price of $800 since Dec. 2023, Blackrock (BLK) closed down $22.71 to $792.09. Activists are targeting Larry Fink’s dual role as both CEO and chairperson. Bluebell said the CEO has an inherent conflict of interest as CEO and acting in an oversight capacity as Chair.
Blackrock is falling behind the competition, who are building their assets faster. The firm may need fresh leadership before this value stock is a buy.
