Intel shares dip day after new CEO's first public speech

Shares in Intel Corp INTC.O down ~2% - biggest loser in the Philadelphia semiconductor index .SOX on Tuesday as investors digested first public speech from the chip maker's new CEO, Lip-Bu Tan

Late on Monday, Tan, who took over in March, outlined, a leaner version of INTC vowing to work directly with engineers to develop new products based on customer feedback at Intel's "Vision" event in Las Vegas

Bernstein analyst Stacy Rasgon, with $25 PT and market-perform rating, described Tan's speech as "more of an apology than a keynote" saying "likely lighter on details than some might have hoped"

While the executive gave high-level views on initial priorities Rasgon said there were few specifics, "no product/customer announcements, no foundry disclosures, and nothing really material around concrete actions they will be taking"

Shares in INTC last at $22.23 vs high of $27.54 so far for 2024 and median PT of $23, as per LSEG, which shows 45 analyst ratings including 38 'hold' recommendations

On March 13 stock rose 14% after Tan named as CEO, on bets for a turnaround at co, which has lost out to rivals like Nvidia NVDA.O in recent years

INTC shares up 10.7% YTD after falling 60% in 2024 vs 14% drop YTD for SOX, which rose 19.3% in 2024