INTEL STRONGLY BULLISH AS RESULTS BEAT ESTIMATES
In the Premarket trading session on Friday, Intel’s stock was trading at 66.60- higher by 5.18% as compared to its previous close.
The company reported fourth-quarter earnings after the market closed on Thursday. Stocks of Intel rose after the chipmaker reported better-than-expected earnings for the fiscal fourth quarter.
The company generated an EPS (excluding certain items) of $1.52 for the fourth quarter. The EPS was above the consensus estimates of $1.25. Intel brought in $20.21 billion in revenue for the quarter ended on 28th December. The revenue was also above the market expectation of $19.23 billion. The chipmaker stated that its revenue jumped 8% from a year earlier in the quarter.
The company’s Client Computing Group posted $10.01 billion in revenue, topping the market expectation of $9.74 billion. Stocks of the chipmaker have gained 5.80% Year to date.
With respect to guidance, the company said it expects to post EPS (excluding certain items) of $1.30 on $19 billion in revenue in the first quarter of 2020. The markets had been looking for EPS (excluding certain items) of $1.04 on $17.19 billion in revenue.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.