After-hours movers: Intel, Box, Microstrategy, Marvell Technology
After-Hours Stock Movers:
Intel (NASDAQ: INTC) rose 8% after it and Amazon Web Services. Inc. (AWS) announced a co-investment in custom chip designs under a multi-year, multi-billion-dollar framework covering product and wafers from Intel. Separately, Intel said it plans a more efficient Intel Foundry manufacturing buildout. Shares were up 6% during the regular session after the Biden-Harris Administration announced that Intel has been awarded up to $3 billion in direct funding under the CHIPS and Science Act for the Secure Enclave program.
Marvell Technology (NASDAQ: MRVL) declined 2.8% following Intel's deal with AWS.
Box (NYSE: BOX) fell 5% after announced that it intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of convertible senior notes due 2029 in a private placement to qualified institutional buyers.
Microstrategy (NASDAQ: MSTR) fell 1% after it announced it intends to offer $700 million aggregate principal amount of convertible senior notes due 2028 in a private offering to persons reasonably believed to be qualified institutional buyers.
Steel Dynamics (NASDAQ: STLD) fell 2% after it lowered third quarter guidance due to lower average realized pricing within the flat rolled operations.