Intel stock slumps after weak data center results, chip delay - CNBC

Shares of Intel were down more than 10% Friday, a day after the company's third-quarter earnings revealed new weakness in its data center business and reaffirmed the delay of its latest-generation chips.

Intel's Data Center Group, which derives revenue from enterprises and government customers, saw a 7% revenue drop in the quarter.

Overall, Intel's revenue in the quarter ended Sept.

Bank of America on Friday downgraded Intel's stock to underperform from neutral, pointing to uncertainty around the company's new chips and a lack of a plan to fix or update its manufacturing challenges.

"We have the decision to make about whether to build that next generation of products on Intel's manufacturing footprint, on third party manufacturing footprint or on a mix of both.