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Intel Gains on Winning EU Antitrust Appeal Ahead of Q4 Earnings

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By Dhirendra Tripathi

Investing.com -- Intel stock (NASDAQ:INTC) was up 1.7% in Wednesday’s premarket trading after the company won an antitrust appeal in more than a decade-long case in Europe.

The European Union’s General Court in Luxembourg on Wednesday struck down much of a 2009 finding by EU’s regulator that Intel’s trade practices prevented rival Advanced Micro Devices (NASDAQ:AMD) from competing. Intel was accused of abusing its dominant position by issuing loyalty rebates and payments to thwart competition.

The ruling nullifies the $1.2 billion fine issued by the EU’s antitrust regulator. It comes at a time when many tech giants, several of them American, find themselves in the crosshairs of the European regulators, with charges ranging from being anti-competitive to invading privacy to compromising user data.

The Wall Street Journal quoted unnamed lawyers as saying that the ruling could put a greater burden on the European Commission in pursuing some antitrust cases. The Commission has been attempting to expand its reach through new regulations and a reinterpretation of its existing powers, WSJ said.

Intel is due to report its fourth-quarter numbers after the close of trade. Profit per share is expected to be 90 cents on likely revenue of $18.33 billion. Fourth-quarter revenue in 2020 was $20 billion and adjusted EPS was $1.1.

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