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Well, the question is whether one would expect that Intel would be particularly affected. If the message is "everyone is boned," then there's no reason to expect Intel's share price to fall. That the message ended up being "Intel is boned" doesn't mean that insiders expected that to be the message.

To clarify: it smells bad enough to be investigated... but I wouldn't vote to convict solely on the evidence presented.




You're muddying the waters.

> If the message is "everyone is boned," then there's no reason to expect Intel's share price to fall

That's a weak defense agains insider trading: the underlying (and incorrect) assumption is that share prices are 0-sum. It is possible - likely even - for the shares for all 3 to drop if it affects their businesses. It would still be insider trading regardless of who else on the market is affected.




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