Why Intel Shares Are Rising Today

Intel Corp INTC is trading higher Tuesday morning after the company announced its intention to take Mobileye public in the United States in mid-2022 via an initial public offering of newly issued Mobileye stock.

Mobileye is focused on driver-assistance and autonomous driving solutions. The company expects 40% revenue growth for 2021.

Intel will remain the majority owner of Mobileye. The companies will remain strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector.

"Intel’s acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership," said Pat Gelsinger, CEO of Intel.

He continued, "Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders."

Intel designs and manufactures microprocessors for the global personal computer and data center markets.

See Also: Intel Shares Shoot Up On Plan To Take Mobileye Public

INTC Price Action: Intel has traded as high as $68.49 and as low as $45.24 over a 52-week period.

The stock was up 8.16% at $55.15 at time of publication.

Photo: courtesy of Intel.