Intel Stock Eyes 5th-Straight; Call Traders Respond

INTC is fresh off is best day since November

Fernanda Horner

Digital Content Manager

Jul 9, 2024 at 10:39 AM

INTC

Intel Corp (NASDAQ:INTC) is up 0.5% to trade at $34.17 at last check, pacing for its fifth-straight daily gain after nabbing its best single-day percentage gain since November in the previous session. Shares are also trading at their highest level since April and set to close above the 80-day moving average for the first time in over three months. For 2024, INTC still carries a 31% deficit.

Analysts remain skeptical on Intel stock, with 28 of 34 analysts in coverage calling it a "hold" or worse. In other words, there is still ample room for upgrades among the brokerage bunch.

Options bulls are blasting the stock today, with 166,00 calls exchanged so far -- eight times the intraday average volume -- compared to only 29,000 puts. The most popular contract is the weekly 7/12 35-strike call, with new positions being opened there.

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