Trump Bragged About Intel Stock Gains. Now the U.S. Stake Has Lost $11 Billion

Intel shares fell 29% on Friday after the chipmaker guided below estimates, cutting about $11 billion from the value of the U.S. government’s stake. The stock closed at $65.76, while the government’s average cost of $20.47 a share left the holding with a gain of nearly $20 billion. President Donald Trump had publicly said the holding was generating large profits for the United States. Intel had beaten profit estimates, but sales were slightly light and its fourth-quarter outlook disappointed; weak personal computer demand and high memory chip prices weighed on results, and Intel expects the PC slump to last into next year.