Intel Stock Soars on Earnings Beat, Revenue Guidance

Put traders have been flooding the equity in recent weeks

Managing Editor
Oct 25, 2019 at 9:40 AM
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Technology powerhouse Intel Corporation (NASDAQ:INTC) is making notable moves this morning, already up 3.2%, to trade at $53.89. The Microsoft (MSFT) rival reported a third-quarter beat and simultaneously raised its full-year revenue guidance, with added comments from Chief Financial Officer George Davis saying the company saw no need to buy PC chips in advance due to recent tariffs.

No fewer than 11 brokerage firms have charged toward the chip stock with bull notes, including J.P. Morgan Securities' newly established December 2020 price target of $68, compared to 2019's $64. Coming into today, 16 of 27 firms sported "hold" or worse recommendations, which means Intel stock is well overdue for a round of upgrades. Today's slew of price-target hikes may not be the last, too, as INTC's average 12-month price target stands less than 3% above Thursday night's close of $52.23.

Meanwhile, data at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows an influx of puts during the past two weeks of trading. This is per Intel stock's 10-day put/call volume ratio of 0.75, which ranks in the 83rd annual percentile. While the ratio indicates calls outnumber puts on an absolute basis, the lofty ratio shows the heavy preference for puts.

INTC has had a wildly volatile year on the charts, seeing no fewer than two bull gaps since early September. Lending support in recent weeks has been the rising, 80-day moving average, guiding the stock to its now 11% year-to-date lead, while today's surge puts the stock on track toward its highest close since April 25.


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