Intel's stock is plunging to the steepest drop of a day in 11 years

Shares of Intel Corp.

INTC, -9.79%

Morning trading plunged 9.6% on Friday, threatening the biggest drop in a day in nearly 11 years, after chip maker had disappointing earnings prospects, while posting adjusted first quarter earnings higher than expectations. The stock was the biggest decline in the Dow Jones Industrial Average

DJIA, -0.06%

the S & P 500

SPX, -0.02%

the Nasdaq 100 index

NDX, -0.38%

PHLX Semiconductor Index

SOX, -1.63%

and ETF SPDR Technology Select Sector

XLK, -0.68%

The stock was on the way to the biggest drop in a day since its 10.1% drop on September 29, 2008. The $ 5.55 drop in stock has reduced the price of the Dow by 38 points, down 43 points.

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