ADVFN - Advanced Financial Network.
HOME» NASDAQ » I » INTC Stock Price » INTC Stock News

Intel Share News

 Intel (mm) Stock Price
INTC Stock Price
 Intel (mm) Stock Chart
INTC Stock Chart
 Intel (mm) Stock News
INTC Stock News
 Intel (mm) Company Information
INTC Company Information
 Intel (mm) Stock Trades
INTC Stock Trades

Intel To Buy Cray Supercomputing Assets For $140 Million In Cash

By Shara Tibken Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Intel Corp. (INTC) agreed to purchase certain networking assets from supercomputer maker Cray Inc. (CRAY) for $140 million in cash, giving the chip company a boost in the high-performance computing market and strengthening Cray's balance sheet. Intel will be buying interconnect technology and related intellectual property from Cray, which Cray has been using in its high-performing computers. The transaction is expected to close by the end of the current quarter, and up to 74 Cray employees will be joining Intel. Cray said the lower headcount will lead to cost savings in future periods, with a "relatively modest amount" of the benefit expected in 2012. Along with the cost savings, Cray Chief Executive Peter Ungaro said in a press release that the agreement "dramatically strengthens our balance sheet and increases our options for further growth, profitability and creating shareholder value." Cray wasn't immediately available to comment further. A spokesman from Intel said interconnect is "another area in high-performance computing that's ripe for innovation." He added that Cray has the "best-in-class personnel and IP to do that with." Cray shares, which were halted ahead of the news, jumped 24% to $8.75 after-hours when trading was resumed. Cray had a market capitalization of $259 million at Tuesday's close. Intel shares, meanwhile, rose 1% to $27.58 in after-hours trading. Supercomputers help tackle the toughest scientific problems, including simulating commercial products like new drugs and defense-related applications such as weapons design and code breaking. Most of the biggest machines are used in government-owned labs, but many smaller variants have been used by companies for years in designing products like cars and drugs. High-performance computing has been a big focus for Intel and fellow semiconductor makers Advanced Micro Devices Inc. (AMD) and Nvidia Corp. (NVDA). While supercomputing isn't a high-volume business, the processors typically are top-performing and command higher prices. Intel has scooped up several companies of late that provide supercomputing technology. Similar to the Cray deal, Intel bought QLogic Corp.'s (QLGC) InfiniBand networking assets earlier this year for $125 million in cash. Diane Bryant, general manager of Intel's datacenter and connected system group, noted that the acquisition of Cray's assets will help Intel achieve "exascale" computing performance, or a quintillion operations per second. That is a hundred times more than today's fastest supercomputers, and Intel hopes to reach the goal by 2018. As for Cray, the company said it will continue to develop, sell and support current product lines, as well as its next-generation supercomputer codenamed "Cascade." It also will be able to leverage "important differentiating features of certain future Intel products," and it will be able to use the transferred technology in Cray products. -By Shara Tibken, Dow Jones Newswires; 212-416-2189; shara.tibken@dowjones.com

Stock News for Intel (INTC)
DateTimeHeadline
10/28/201420:30:40Office-Burnout Cure: Mini Sabbaticals
10/26/201417:03:17Germany Bets on 'Smart Factories' to Keep Its Manufacturing Edge
10/15/201411:04:00TECH STOCKS: Intel, Netflix In The Red As Tech Stocks Retreat
10/15/201409:51:04U.S. Hot Stocks: Hot Stocks to Watch
10/15/201407:52:36MARKET SNAPSHOT: U.S. Stocks: Futures Drift Lower As Bank Of...
10/15/201406:15:17MARKET SNAPSHOT: U.S. Stocks: Futures Flat Ahead Of Bank Of America...
10/14/201418:01:48TECH STOCKS: Tech Stocks Rise; Intel Tops Estimates
10/14/201417:42:02TECH STOCKS: Tech Stocks Up With Intel's Earnings On Tap
10/12/201405:53:30MARKET SNAPSHOT: Earnings Under Pressure From Stronger U.S. Dollar
10/01/201418:40:52Chip Designer ARM Holdings Unveils Operating System
09/26/201405:25:08Intel Invests in Chinese Chip Maker -- Update
09/22/201416:01:29Costa Rica to Accelerate VAT Reform After Downgrade--Update
09/09/201402:05:58Intel Unveils Latest Xeon Server Chip -- Update
09/09/201402:00:31Intel Unveils Latest Xeon Server Chip
09/03/201409:40:05EU Fines for Smart Card Price Fixing
09/03/201408:59:21EU Fines Smart Card Chip Producers Over Cartel -- Update
08/12/201416:47:33TECH STOCKS: Twitter Among Few Gainers In Weak Tech Session
08/11/201415:11:27Intel Details New 14-Nanometer Chip -- 2nd Update
08/11/201413:48:12Intel Details New 14-Nanometer Chip -- Update
08/11/201413:20:07Intel Details New Chip Aimed at Tablets

Intel and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad