Intel Set to Fall Most in 24 Years, Futures Down 22%

Intel was set to erase nearly $25 billion in market value Friday in what would be its worst selloff since 2000 after it suspended its dividend and slashed its workforce to fund a costly turnaround for its chip-making business. Shares of the company were down about 22% in premarket trading after Intel late on Thursday forecast quarterly revenue below estimates and said it was cutting 15% of its workforce, raising worries about its ability to catch up to Taiwan's TSMC and other chipmakers it has fallen behind in recent years....