Guidance far below expectations, Intel (INTC.US) plunges 29%, largest single-day drop since the 1970s.

Zhito Finance APP has learned that Intel (INTC.US) shares plunged 29% on Friday, marking the largest single-day decline since the 1970s. This followed the company's fourth-quarter guidance, which came in far below market expectations, mainly dragged down by an accident at its Israeli chip plant and continued weakness in the personal computer (PC) market. The news dealt a heavy blow to investor confidence in Intel's business recovery and once again put the company's transformation plan, pushed by CEO Chen Liwu, under severe scrutiny.