Intel Stock Moves Higher on Billion-Dollar Federal Grant

The stock hit a 14-year low last week

Laura McCandless

Deputy Editor

Sep 16, 2024 at 10:41 AM

INTC

Intel Corp (NASDAQ:INTC) stock was last seen up 3.8% at $20.40, after Bloomberg reported the chip name qualified for $3.5 billion in federal grants to produce chips for the Pentagon. Specifically, Intel will develop advanced chips for U.S. military and intelligence uses.

Today's pop has Intel stock further removing itself from its recent Sept. 10, 14-year low of $18.51. The shares have yet to recover from their massive 26.2% post-earnings bear gap in early August, and are down 59.3% since the start of the year.

Options bulls are chiming in after today's news. So far, 124,000 calls have been exchanged -- double the call volume typically seen at this point -- in comparison to just 24,000 puts. The September 21 call is the most active contract, with new positions opening at the 20.50 call in the same series.

There's plenty of room for optimism amongst analysts, however. Of the 36 in coverage, 33 carry a "hold" or worse rating.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!