NEW YORK (

TheStreet

) --

Intel

(INTC) - Get Report

said this weekend it is

building a $5 billion chip factory in Arizona

and is looking to hire 4,000 workers. The announcement came as President Obama toured the chipmaker's operations in Oregon.

Intel dropped 0.8% to $21.95 in pre-market trading Tuesday.

Microsoft

(MSFT) - Get Report

is releasing a software development kit this spring that will let third-party developers create programs for its Kinect device. Microsoft, which has sold 8 million Kinect devices since its November release, fell 0.9% in pre-market trading Tuesday to $26.88.

British chipmaker

CSR

said Monday it was buying video chip specialist

Zoran

(ZRAN)

for $679 million. Zoran's technology is used in consumers products like printers and digital cameras, and

Cisco's

(CSCO) - Get Report

Flip Digital Camera.

Chinese Internet giant

Alibaba

said its CEO David Wei and Chief Operating Officer Elvis Lee were leaving the company after an investigation found that many top sellers on the site had created fraudulent storefronts. While Wei and Lee were not accused of wrongdoing, they resigned to take responsibility for the "systemic breakdown."

Online music service

Spotify

has raised new funding at a $1 billion valuation, according to

DealBook

. Investors include venture capital firm Kleiner Perkins Caufield & Byers and Russian firm Digital Sky Technologies.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to

http://twitter.com/Ozoran

.

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