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.

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