Intel Presents a $20 Billion Bill for a Turnaround. Investors Don’t Like It.

Intel’s stock was up more than 40% over the past five months, as investors started to anticipate a turnaround. This week, the turnaround plan arrived, and investors went back to being worried. Shares were down for most of the week before a last-minute rally on Friday.

Intel is planning to spend $20 billion to build two new chip factories in Arizona, create a new division that offers chip manufacturing to others, and look more to partners such as Taiwan Semiconductor Manufacturing to produce its most advanced microprocessors….