Intel sold more than a third of its holdings in the Smart Technologies IPO, prompting the chip maker to announce Friday that it's revising its third quarter outlook to account for a substantial gain in equity investments.
Intel (INTC) sold 10 million of its 27.5 million shares in Smart Technologies (SMT), which debuted yesterday as the largest U.S. IPO this year. Intel sold its holdings through a secondary offering, and the chip maker says it will dramatically increase the amount it expects to reflect in its third quarter "equity investments and interest and other" line item. Intel expects to now swap in a $175 million figure for that category, where previously it was going to list a big fat zero.
Smart Technologies priced its IPO stock at $17 a share, but today its trading below that range. Unfortunately for Intel, the chip giant didn't unload a much larger slice of shares.
Forex for Beginners
Learn about trading currencies and foreign exchange transactionsView Course »