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Actionable news in INTC: Intel Corporation,

Intel cutting up to 12K jobs, making CFO change; shares drop

In tandem with its Q1 report, Intel (NASDAQ:INTC) says it will cut up to 12K positions (11% of its workforce) "through site consolidations worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs." The company adds it "plans to increase investments in the products and technologies that that will fuel revenue growth, and drive more profitable mobile and PC businesses."

The restructuring, which confirms a recent report from The Oregonian, is expected to yield a $1.2B charge and produce $1.4B/year worth of savings by mid-2017. Most of the actions will be finished in the next 60 days.

CFO Stacy Smith will "transition to a new role at the company, leading sales, manufacturing and operations once his successor is in place." A search for a successor has begun.

Gross margin/capex: In addition to slightly cutting full-year...