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Los Angelas, CA -- (SBWIRE) -- 11/20/2012 -- Intel Corporation (NASDAQ:INTC) stock fell to a new 52-week low Tuesday, a day after the surprise retirement announcement of CEO Paul Otellini. Meanwhile, shares of chip designer ARM Holdings (ARMH), the company giving Intel fits, is trading near a 12-year high.
In afternoon trading Tuesday, INTC shares were down more than 4%, near 19.40. Year to date, Intel is down 20%.
Meanwhile, ARM's U.S. shares are up 24% year to date. Its stock was down 3.6% Tuesday, near 34.45. But on Monday, ARM stock reached 35.81, its highest level since September 2000.
Otellini announced Monday that he would step down as Intel CEO in May, after eight years in the top post.
His retirement plans surprised the company's board and Wall Street analysts. Traditionally, Intel has had a very orderly CEO transition, with a successor lined up for the job. But Otellini's decision caught the board flat-footed. Without an heir apparent, Intel now will conduct a search for a new CEO among internal and external candidates. Intel has had only five CEOs in its 45-year history and has never chosen an outsider.
The transition comes at a rough time for Intel. Its core PC market is facing declining sales as attention shifts to tablets and smartphones, where Intel has little presence. Rival ARM is the leader in the market for mobile device processors and it is making inroads into Intel's PC and server markets.
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