INTC - Tower Semiconductor drops amid Xi China news

• Tower Semiconductor ( NASDAQ: TSEM ), which agreed to be sold to Intel ( NASDAQ: INTC ) in February, fell 1.7% amid some investor concern about Chinese President Xi Jinping's grip on power and what it may mean for deal approval in China.
• Over the weekend, the Chinese Communist Party [CCP] gave Xi a third term and party chairman, and Xi named several CCP allies of his to the party's politburo standing committee. Wall Street viewed the moves as consolidating Xi's power, and potentially giving CCP more control and oversight of China's business sector, and tech industry, in particular.
• Intel ( INTC ) agreed to acquire Israel-based Tower Semi ( TSEM ) for $53 per share in cash in February. The deal TSEM/INTC spread at $10.39 stands at the highest since the deal was announced.
• Recall in August Dealreporter said China reportedly hasn't started its review o f Intel's planned purchase of Tower Semi.
• Earlier,  Chinese ed-tech stocks tank as new Standing Committee sparks market panic.
• Tower Semiconductor ( TSEM ) announced earlier Monday that it's scheduled to report Q3 results on Nov. 14.

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