Hedge funds dump Intel while snapping up rivals

News Snapshot:

While hedge funds were busy chasing the technology rally in the second quarter, there was one stock that most firms could agree they wanted out of: Intel Corp. Most Read from Bloomberg More shares of the chipmaker were sold by the funds than any other company aside from mobile device maker Nokia Oyj, according to Bloomberg’s preliminary analysis of data from 13F filings. Steven Cohen’s Point72 Asset Management LP and David Tepper’s Appaloosa Management LP were among those that slashed positions. “If everyone is selling a stock, that says something,” said Jim Awad, senior managing director at Clearstead Advisors. “I...