Intel set for biggest slide in 24 years as turnaround struggle deepens

INTEL was set to erase nearly $25 billion in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and slashed workforce to fund a costly turnaround for its chip-making business.

The company's stock fell nearly 21% in premarket trading after Intel late on Thursday forecast quarterly revenue below estimates and announced 15% job cuts, raising worries about its ability to catch up with Taiwan's TSMC and other chipmakers.