Intel shares crash 28%, wiping $12bn off US government stake

Intel's stock plunged about 28% on Friday, one of its worst days ever, after the chipmaker forecast fourth-quarter revenue of $15-16bn against expectations of about $17bn. It also warned gross margin would fall to 37% from 43%. The rout cut the value of the US government's 10% stake by $12bn, though shares remain up over 70% this year.