Diamonds and Dogs
Intel (INTC) reinitiates share buyback. The chipmaker is up 2% after announcing a $10 billion accelerated share buyback plan after suspending the plan this spring. The new plan will buy back nearly 5% of the outstanding shares and complete a $17.6 billion plan announced last fall.
Estée Lauder (EL) has seen better days. The cosmetic maker is down 8% after posting a wider than expected fourth-quarter loss. The company plans to cut as many as 2,000 jobs or 3%, of the workforce as the cosmetics giant struggles to emerge from the coronavirus pandemic shutdown. The company also said it expected to close 10% to 15% of its freestanding stores globally, as well as certain less-productive department-store counters.
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