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Market Daily Report: Bursa Malaysia Ends Marginally Lower Amid Lack Of Fresh Catalysts

KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
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Intel Sued by Shareholders After Job Cuts and Dividend Suspension Cause Stock Plunge

 

Intel is facing a lawsuit from shareholders who accuse the Silicon Valley chipmaker of fraudulently concealing problems that led to weak financial results, massive job cuts, and a dividend suspension, causing its market value to plummet by over $32 billion in a single day.

Key Highlights:

  • Lawsuit Details: The proposed class action was filed against Intel, CEO Patrick Gelsinger, and CFO David Zinsner in San Francisco federal court.
  • Shareholder Claims: Investors allege they were blindsided when Intel disclosed on Aug. 1 that its foundry business for making chips on contract was "floundering," incurring billions in extra costs as revenue declined. They claim Intel made materially false or misleading statements about its business and manufacturing capabilities, inflating its stock price from Jan 25 to Aug 1.

Company Response:

  • Intel has not provided an immediate comment on the lawsuit.

Recent Developments:

  • On Aug. 1, Intel announced it would lay off more than 15% of its workforce (over 15,000 jobs) and suspend its dividend starting in the fourth quarter as part of a restructuring plan aimed at saving $10 billion by 2025.
  • Intel reported a $1.61 billion net loss for the second quarter, with revenue dropping 1% to $12.83 billion.
  • The company has been struggling to compete with rival chipmakers and capitalize on the growth in artificial intelligence, facing stiff competition from Advanced Micro Devices, Nvidia, Samsung Electronics, and Taiwan's TSMC.

Market Impact:

  • Intel's share price dropped 26% to $21.48 on Aug. 2, following the announcement of the quarterly results, job cuts, and dividend suspension.
  • The shares closed Wednesday down 3.6% at $18.99 and have fallen 34.6% since the announcement.

Legal Case:

  • The lawsuit is titled Construction Laborers Pension Trust of Greater St Louis v Intel Corp, filed in the US District Court for the Northern District of California, case number 24-04807.
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