Intel (INTC) Falls 7% from Record High as Traders Book Profits

We recently published 10 Stocks Losing Their Fire. Intel Corporation (NASDAQ:INTC) is one of the worst performers on Thursday.

Intel snapped a two-day rally on Thursday, shedding 7.45 percent to close at $40.50 apiece as investors resorted to profit-taking to take advantage of the previous day’s record high.

At intra-day trading, the stock fell by as much as 8.3 percent.

Earlier this week, investors loaded on shares of Intel Corporation (NASDAQ:INTC) amid brewing reports that it may supply chips anew to technology giant Apple Inc.

TF International Securities analyst Ming-Chi Kuo said in a market report that Apple Inc. could tap Intel Corp. (NASDAQ:INTC) to supply its lowest-end M-series chips in the next two years.

The two firms previously worked on chips used on MacBook laptops and desktops before Apple Inc. switched to its own design, manufactured by Taiwan Semiconductor Manufacturing Company.

Kuo said that the latest industry surveys indicate that “visibility on Intel Corporation (NASDAQ:INTC) becoming an advanced-node supplier to Apple has recently improved significantly.”

Intel Corp. (NASDAQ:INTC) has been luring Apple Inc. to invest in the company since September this year, as part of its turnaround and revival efforts.

and went in a wait-and-see mode for more catalysts to boost buying.

Intel Corporation (NASDAQ:INTC) is set to participate in the Barclays Global Technology Conference on Wednesday, December 10, where investors will closely watch out for cues on business developments and deals with other technology giants.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.