RESOLVING THE LEDGER
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In early August, Intel (NASDAQ: INTC) raised $23 billion in equity at $95 per share, up from an initial target of $15 billion. In conjunction, CEO Lip-Bu Tan personally bought $12 million worth of stock as part of the offering.
Just one month before, on Intel's July earnings call, CFO David Zinsner said Intel wouldn't raise more money unless it did "extremely well" in attracting demand for its foundry. After the capital raise at the recent Deutsche Bank Technology Conference on Aug. 26, Zinsner shed more light on how the new billions will be used.
The answers were tremendously bullish, making Intel's current stock price, which sits even below the recent offering price, look like a bargain.
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