Intel

Ticker INTC

Today's data summary

Market open
% change
+2.20%
Price US dollars
44.52
Change
+0.96
As of 19:10 21 May 2019
Market cap. US dollars
200,307.71 million
As of 19:10 21 May 2019

Latest updates

Intel to exit 5G phone business

Tech giants Apple and Qualcomm have agreed to settle all ongoing lawsuits, putting an end to a long-running battle with billions of dollars at stake.

After news of the settlement became public, Intel announced it would be withdrawing from the business of making 5G modems for smartphones.

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New boss for Intel

Intel logo
Getty Images

Intel has named a new chief executive to replace Brian Krzanich, who left in June because of a violation of the chipmaker's "non-fraternisation policy".

Robert Swan, the company's chief financial officer who had been made interim chief executive, has been given the role permanently.

The shares are down more than 2% on the announcement.

Wall Street opens higher

New York Stock Exchange
Getty Images

Wall Street shares have risen, boosted by strong jobs growth data and optimism about proposed trade talks between the US and China next week.

The Dow Jones Industrial Average is now 431.7 points or 1.9% up to 23,117.95. Chip maker Intel tops the winners, climbing 2.7% to $45.70 after having its stock upgraded by the Bank of America from "neutral" to "buy".

The S&P 500 has climbed 39 points or 1.6% to 2,486.96. Top of the winners is cancer medical technology firm Varian Medical Systems, which has jumped 5.7% to $116.05.

And finally, the tech-heavy Nasdaq has jumped 136.1 points or 2.1% to 6,599.65. Pharmaceutical giant Celgene tops the winners, up 4.7% to $84.20, on Thursday's news that it is merging with rival Bristol-Myers Squibb for $74bn.

Also topping the Nasdaq is Netflix, which has risen 4.4% to $283.14 after Goldman Sachs announced that the streaming service is one of its favourite trades for 2019.

Qualcomm claims Apple shared tech with Intel

Qualcomm headquarters
Reuters

US chipmaker Qualcomm has accused Apple of sharing its technology with rival suppliers including Intel in a theft intended to improve the performance of non-Qualcomm chips.

The complaint, made in a filing in a Californian court, marks the latest clash between the two firms.

Apple has separately accused Qualcomm of abusing its market dominance in microchips.

The iPhone maker took aim at Qualcomm's "illegal business practices".

Good morning!

Welcome to Business Live and a veritable avalanche of company results.

In the UK, Sky will reveal its financials this morning while later on, its would-be acquirer, US cable giant Comcast, will announce its second quarter results.

Drinks giant Diageo, oil specialist Shell and miner Anglo American will also provide updates.

Over in the US, watch out for Amazon, Intel, Starbucks and McDonald's when they announce their results later.

As always, we'd love to hear from you. Email us at bizlivepage@bbc.co.uk

Apple may take bite out of microchip market

Today Programme

BBC Radio 4

Apple logo
Getty Images

On Monday, Bloomberg reported that Apple may start making its own chips in Mac computers within two years, replacing long-time partner Intel.

Jane Sydenham, investment director at Rathbones, tells the BBC's Today Programme that the move would make sense.

She says: "It would allow them to integrate all the software and apps across their product suite."

The news hit shares in Intel but she says that's an "over-reaction" pointing out that "chip-makers and processor manufacturers have had a really good couple of years".