Why Intel Stock Is Jumping Today

Intel is laying off 500 employees from its Oregon fabrication hub as part of a broader plan to cut 20% of its global workforce. Shares of Intel (NASDAQ: INTC) are spiking on Tuesday, up 6.4% as of 1:13 p.m. ET. Intel began laying off employees from one of its operational hubs in Oregon as part of its major cost-cutting efforts.