Intel surged in late-day trading on deal talks, making it TheStreet’s Move of the Day. The chipmaker is reportedly in talks to buy fellow semiconductor company Altera Corporation, according to The Wall Street Journal. If a deal comes to pass it would mark Intel’s largest takeover yet. Before news of a potential deal broke, Altera’s market cap clocked in at $10.4 billion. Intel has a market cap of $140 billion. Though potential deal terms could not be gleaned, the news comes at a desperate time for Intel. The industry giant is suffering weakening PC demand and a stronger U.S. dollar, both of which threaten Intel’s future profit and sales growth.
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