Intel drops 9% as chipmaker's foundry business axes projects, struggles to find customers

Intel's stock dropped 9% after the chipmaker said it would slash foundry costs in its latest attempt to turnaround its struggling business.Concerns about where that leaves Intel's chip manufacturing business overshadowed a better-than-expected earnings report late Thursday. Intel beat on revenue and issued a sales forecast for the third quarter that also topped estimates. The company reported adjusted earnings of 10 cents per share, topping the average analyst estimate of a penny, according to LSEG.CEO Lip- ...