Semiconductor major Intel Corporation (NASDAQ: INTC) is planning to reduce near-term spending, due to the prevalent global economic situation. Shares of the company declined 5.3% to close at $41.19 in Wednesday’s extended trading session. Spending Concerns Even though the company remains confident about the long-term growth prospects of the semiconductor industry, the chip maker is of the opinion that the prioritization of spending will help it "weather macroeconomic uncertainty, execute on strategy and meet commitments to customers, shareholders, and employees.” To that end, the company is going for a temporary hiring freeze at its Client Computing Group, which provides chips for laptops.
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