Tower Semi falls on report Intel won't expand chip production in China
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Tower Semiconductor (NASDAQ:TSEM), which is being acquired by Intel (NASDAQ:INTC), dropped 1% amid a report that Intel has no plans to expand semiconductor chip production in China.
Intel (INTC) shot down some speculation in recent weeks that it was seeking U.S. Commerce Department approval to invest $1.5 billion in a shuttered Chengdu, China plant, according to a Dealreporter item.
Intel (INTC) in an email to Dealreporter said the speculation was incorrect and that it hadn't sought such approval and wasn't pursuing a project in China. The chipmaker was said to be pursuing the China production potentially in an attempt to help gain approval for the Tower Semi (TSEM) deal.
The news comes after Dealreporter earlier this month said that China's antitrust regulator had suspended the clock in its review of the Tower Semi (TSEM) deal. 
The latest story says that deal parties have responded to the China antitrust regulator's questions, though it's not known if the clock has resumed or the parties plan a pull and refile.
Intel (INTC) agreed to acquire Tower Semi (TSEM) for $53 per share in cash in February.
Intel (INTC) is set to report Q4 results on Thursday.