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Intel shares close lower on Friday, company faces 32 lawsuits related to chip security flaws

32 class action lawsuits have been filed by clients and shareholders against Intel Corporation (INTC) in relation with the recently-revealed security flaws in Intel chips, the tech giant said on February 16th.

Intel shares closed lower for the second time in the past six trading sessions on Friday. The stock went down 0.78% ($0.36) to $45.56, after touching an intraday high at $46.59, or a price level not seen since February 5th ($47.26).

In the week ended on February 18th the shares of the technology company added 3.66% to their market value compared to a week ago, which marked the first gain out of three weeks.

However, due to Fridays slump, the stock has extended its loss to 5.36% so far during the current month, following a 4.29% surge in January. The latter has been a second consecutive month of gains.

For the entire past year, the shares of the NASDAQ-listed tech giant rose 22.50% following another 5.28% surge in 2016.

30 of the lawsuits represented client class action cases where users alleged they were harmed by the companys “actions and/or omissions” associated with the security flaws, with the latter potentially leading to data theft from personal computers.

The other 2 lawsuits were securities class action cases, which included allegations that Intel Corp and some of its employees were in violation of securities laws. They allegedly made statements in regard to company products or internal controls that were later found to have been inaccurate or misleading.

Additionally, 3 individual Intel shareholders were reported to have filed lawsuits against members of the companys board as well as other executives. According to their allegations, people occupying key positions within the tech company failed their duties to shareholders, as they did not manage to take action against an alleged insider trading case.

On November 29th Brian Krzanich, Intel Corps CEO, sold 889 879 company shares, as per a trading plan adopted on October 30th, or long before chip security flaw details were brought to public attention. The sale generated approximately $39 million for Intels Chief Executive.

According to securities lawyers, such larger-than-usual transaction could be subjected to scrutiny by the US Securities & Exchange Commission.

According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Intel Corporation’s stock price, have a median target of $53.50, with a high estimate of $60.00 and a low estimate of $38.00. The median estimate is a 17.43% surge compared to the closing price of $45.56 on February 16th.

The same media also reported that 24 out of 39 surveyed investment analysts had rated Intel Corporation’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 3 analysts had recommended selling the stock.

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 – $45.66
R2 – $45.76
R3 (Range Resistance – Sell) – $45.86
R4 (Long Breakout) – $46.15
R5 (Breakout Target 1) – $46.50
R6 (Breakout Target 2) – $46.64

S1 – $45.46
S2 – $45.36
S3 (Range Support – Buy) – $45.26
S4 (Short Breakout) – $44.97
S5 (Breakout Target 1) – $44.62
S6 (Breakout Target 2) – $44.48

By using the traditional method of calculation, the weekly levels of importance for Intel Corporation (INTC) are presented as follows:

Central Pivot Point – $45.40
R1 – $46.75
R2 – $47.95
R3 – $49.30
R4 – $50.66

S1 – $44.20
S2 – $42.85
S3 – $41.65
S4 – $40.46

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