NASDAQ-listed tech giant Intel Corporation (INTC) was reported to have agreed to acquire Mobileye, an Israeli company providing driverless technology, in a deal valued at $15.3 billion. It would be the largest acquisition of an Israeli tech company on record, with Mobileye being valued at $63.54 per share, or a 34% premium compared to the stocks closing price on March 10th.
Intel shares registered their largest daily slump since February 9th during Mondays trading session. The stock went down 2.09% ($0.75) to $35.16, after touching an intraday low at $34.94, or a price level not seen since February 10th ($34.84). In the week ended on March 12th the shares of the technology company added 0.03% to their market value compared to a week ago, which has been the third gain in the past six weeks, but yet, the smallest one since the week ended on August 28th 2016. However, the stock has extended its slump to 2.87% so far during the current month, following a 1.68% drop in February. The latter has been the first slump in three months. For the entire past year, the shares of the NASDAQ-listed tech giant gained 5.28%.
The deal will provide Intel with a leading position in Advanced Driver Assistance Systems (ADAS) technology, which stands behind the majority of innovative solutions for driverless vehicles. Mobileye currently holds an approximately 70% share of the global market for advanced driver-assistance and anti-collision systems.
Intel and Mobileye previously worked in cooperation with Bayerische Motoren Werke AG in order to aid the German auto maker in releasing its own series of self-driving vehicles by the year 2021.
The autonomous driving industry has seen fierce competition among a number of companies as of late, with Ford and Alphabet already making big pushes in development of autonomous vehicles.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Intel stock are presented as follows:
R1 – $35.26
R2 – $35.36
R3 (Range Resistance – Sell) – $35.46
R4 (Long Breakout) – $35.77
R5 (Breakout Target 1) – $36.12
R6 (Breakout Target 2) – $36.27
S1 – $35.06
S2 – $34.96
S3 (Range Support – Buy) – $34.86
S4 (Short Breakout) – $34.56
S5 (Breakout Target 1) – $34.20
S6 (Breakout Target 2) – $34.05
By using the traditional method of calculation, the weekly levels of importance for Intel Corporation (INTC) are presented as follows:
Central Pivot Point – $35.86
R1 – $36.35
R2 – $36.78
R3 – $37.27
R4 – $37.75
S1 – $35.43
S2 – $34.94
S3 – $34.51
S4 – $34.07
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