Intel Suspends Stock Buyback Amid Coronavirus Pandemic
March 24 2020 - 8:54AM
Dow Jones News
By Dave Sebastian
Intel Corp. said it is pausing its stock repurchases amid the
coronavirus pandemic, citing its uncertainty in length and
severity.
The chip maker on Tuesday said the suspension wouldn't affect
dividend payments. Intel in October said it would repurchase $20
billion in shares over the next 15 to 18 months. It had repurchased
about $7.6 billion in shares in the fourth quarter of 2019, before
the suspension.
The company also included an additional set of risk factors in
its prospectus supplement filed Monday with the Securities and
Exchange Commission to account for the pandemic. Intel said
restrictions on access to manufacturing facilities, disruptions of
transportation and increased border controls could hurt its
customer demand and operations.
"The outbreak has significantly increased economic and demand
uncertainty," Intel said. "It is likely that the current outbreak
or continued spread of COVID-19 will cause an economic slowdown,
and it is possible that it could cause a global recession."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
March 24, 2020 08:39 ET (12:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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