A federal judge dismissed a lawsuit accusing Intel of defrauding shareholders by concealing problems in a business where it manufactured chips for outside customers, leading to a $32 billion one-day plunge in its market value.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.

Intel shares plunged Friday, a day after the chipmaker reported mixed results amid uncertainty about its ability to engineer a turnaround.

Intel Corporation's latest Q2 earnings have embedded several bombshell updates to its turnaround strategy. Click here to find out why INTC stock is a Hold.

Intel’s stock dropped 9% after the chipmaker said it would slash foundry costs in its latest attempt to turnaround its struggling business.

Intel stock drops as company forecasts deeper losses and slashes over 25,000 jobs, while scaling back global chip factory expansion.

Acree kept a Hold rating on Intel stock with no price target.