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Intel Corp Looks at Outside Help, Stock Surges

The chip name has had a rough month on the charts

Deputy Editor
Aug 30, 2024 at 10:55 AM
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Shares of Intel Corp (NASDAQ:INTC) are on the rise today, after reports that the semiconductor name is working with bankers to address weakness in its core business, exploring options such as a separation of its foundry unit. At last glance, INTC was up 7.8% at $21.69. 

Should these gains hold, Intel stock will mark its largest single-day percentage gain since October. The equity has been struggling following a massive 26.2% post-earnings bear gap on Aug. 2, hitting a nearly 14-year low of $18.84 on Aug. 8. Year to date, INTC is down 56%. 

Call traders are buying in on the optimism today, however. So far, 399,000 calls have been exchanged, which is quadruple the amount typically seen at this point. The weekly 8/30 22-strike call is the most popular, where new positions are being bought to open. 

The majority of analysts carry a "neutral" rating on INTC -- 30 of the 36 in coverage, to be exact -- while three carry a "buy" and three a "sell." Meanwhile, the 12-month consensus price target of $26.06 sits at a roughly 20% premium to current levels, but would've been a heavy discount to last month's peak of $37.16. 

 

 

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