Intel stock falls most since 1974 as Israel plant shutdown hits; US stake loses $12B

​Intel shares fell 28.58% on Friday to $65.76. The decline followed a weaker-than-expected forecast that reflected an extended shutdown at a chip plant in Israel and continued weakness in the personal computer market. According to CNBC, the stock was headed for its worst day since 1974 and its second-steepest decline on record.​The sell-off erased about $12 billion from the value of the US government’s stake, although the investment remained profitable, the report said. It also marked a setback for chief executive Lip-Bu Tan’s turnaround effort after Intel shares had gained about 150% this year before the company’s latest earnings report. The company expects the Israel disruption alone to cost approximately $600 million in revenue over two quarters.​Israel plant explosion disrupts chip shipments​Intel’s forecast accounts for an explosion at an Israeli fabrication plant that killed two workers and seriously injured a third earlier in October.