Intel Faces Workforce Cuts as Companies Fluctuate Before Market Open

Palo Alto, California — Intel Corp.’s shares fell over 7% ahead of market opening Friday after the company announced it will cut 15% of its workforce and reduce plans for a new chip factory. The cost-saving measures aim to revitalize Intel’s artificial intelligence strategy.

Despite the job cuts, Intel reported second-quarter revenue of $12.86 billion, surpassing the $11.92 billion expected by analysts. However, the company experienced an adjusted loss of 10 cents per share.

In contrast, shares of Paramount Global, owner of CBS, rose by more than 1% after the Federal Communications Commission approved an $8 billion merger between Paramount and Skydance Media on Thursday.

Elsewhere, Centene Corp. saw its stock plunge 14% following a quarterly loss attributed to a decline in membership in its Medicaid and Medicare segments. The managed care provider posted an adjusted loss of 16 cents per share, while analysts had anticipated earnings of 11 cents per share. However, its revenue of $48.7 billion exceeded expectations of $44.1 billion, according to FactSet.

Centene’s CEO expressed disappointment with the results, stating the company is “working with urgency and focus to restore our earnings trajectory.”

Deckers Outdoor Corp., known for its UGG boots, enjoyed a boost of more than 12% as it announced fiscal first-quarter earnings that beat Wall Street projections. The company earned 93 cents a share on revenue of $965 million, exceeding analyst expectations of 68 cents per share and $901 million in revenue.

Carvana Co., an online used-car retailer, climbed nearly 3% after receiving an upgrade from Oppenheimer to outperform. The investment bank noted that Carvana’s business model is now “humming,” generating significant cash flow while expanding amid rising industry demand.

Charter Communications‘ shares fell almost 13% after its latest financial results failed to meet expectations. Although it reported in-line revenue of $13.77 billion in the second quarter, its adjusted EBITDA of $5.69 billion fell short of the $5.7 billion forecast.

According to CNBC‘s Alex Harring, these companies are making headlines as the market prepares for opening.