Chipmaker Intel Corp. rose after Jefferies boosted the stock to buy from hold, citing the company’s increasing emphasis on chips that consume less power, perform better, and cost less. The upgrade came a day after the California company said it is closing its only factory in Massachusetts, eliminating up to 700 high-paying manufacturing jobs in one of the largest job cuts to hit the state in recent years. Intel said the Hudson plant is using outdated technology to make older generations of chips used in low-end applications, which do not generate as much profit as its higher-end ones used in PCs.
Intel climbs on analyst upgrade
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