Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 51 years ago, Intel Corporation (NASDAQ: INTC) was founded.
Where The Market Was
The Dow Jones Industrial Average closed the day at 917.95 and the S&P 500 traded at 101.44. Today, the Dow is trading at 27,219 and the S&P 500 is trading at 2,984.
What Else Was Going On In The World?
In 1968, Civil Rights leader Dr. Martin Luther King Jr. was assassinated by James Earl Ray. U.S. Senator and presidential candidate Robert F. Kennedy was also assassinated following a victory in the California primary. The average price of a new house was $14,950.
The Intel Era Begins
Intel was founded in July of 1968 by Robert Noyce and Gordon Moore, who were both defectors from Fairchild Semiconductor. The pair had raised $2.5 million in capital to start their new company.
Within about three years time, Intel went public at a price of $23.50 per share and a market cap of $8.225 million. A month later, the company launched its first microprocessor, the 4004.
In 1992, Intel became the largest global semiconductor company by sales, a title it has held ever since. Intel was added to the Dow Jones Industrial Average in 1999.
Today, the company has a market cap of $221 billion. IPO investors have enjoyed roughly half a century of nearly a 25% compound annual growth rate from the stock.
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