Investors Celebrate Intel's New CEO, Driving Shares Higher
$Intel(INTC)$ shares surged 14% on Thursday. The most traded calls are contracts of $25 strike price that expire on Mar 21 and the total volume reaching 59,849 with the open interest of 79,089.
Intel announced late Wednesday that its board had appointed Tan as CEO after a three-month search following the sudden retirement of previous CEO Pat Gelsinger. Tan previously served as chief executive of $Cadence Design(CDNS)$ . He will join the company effective March 18.
The announcement stoked optimism from investors, who sent the stock marking the biggest single-day gain in nearly a month. Bank of America analysts also upgraded the shares to "neutral," citing Tan's "solid track record."
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