Altera stock soars on report of sales talks with Intel
SAN FRANCISCO (AP) — Altera's stock soared to its highest price in nearly four years Friday on a report the chipmaker is in talks to be sold to industry leader Intel.
The Wall Street Journal didn't cite any sources in its report about the negotiations and cautioned that a deal might not be consummated. Investors, though, are betting on a takeover.
Altera Corp.'s stock surged $9.81, or 28 percent, to finish at $44.39, its highest closing price since June 2011. Intel Corp.'s shares rose $1.92, or more than 6 percent, to close at $32.
Intel declined to comment Friday. Altera didn't immediately respond to requests for comment.
Altera makes chips used in phone networks and cars, two areas that Intel has been angling to get into as demand for personal computer chips slips.