Intel Unloads Smart Technologies Shares, Revises Outlook
Intel (INTC) sold 10 million of its 27.5 million shares in Smart Technologies (SMT), which debuted yesterday as the largest U.S. IPO this year. Intel sold its holdings through a secondary offering, and the chip maker says it will dramatically increase the amount it expects to reflect in its third quarter "equity investments and interest and other" line item. Intel expects to now swap in a $175 million figure for that category, where previously it was going to list a big fat zero.
Smart Technologies priced its IPO stock at $17 a share, but today its trading below that range. Unfortunately for Intel, the chip giant didn't unload a much larger slice of shares.