However, Intel’s earnings and sales were the highest estimates
The shares of Intel Corporation (NASDAQ: INTC) were last slumped 2.8% to $ 60.80 even after the company released an excellent earnings report for the first quarter. The semiconductor name going deeper posted earnings of $ 1.39 per share on both the top and bottom on sales of $ 18.57 billion. Instead, investors look to the company’s full year and second quarter guidance, which fell short of analysts’ expectations.
The brokerage heap blows up INTC in response. No fewer than four brokerage firms, including Truist Securities and Needham, have issued bear notes that cut their price targets to $ 69 and $ 70, respectively. Bank of America stepped in as well, maintaining its bearish view of Intel, pointing to the company’s lack of revenue growth, which lowered the buybacks the brokerage firm sees headwinds.
Today 19 out of 27 companies were firmly in the bearish camp and had “Hold” or worse recommendations. However, INTC’s average 12-month target price of $ 65.95 is a 13.2% premium over current levels.
On the charts, Intel stock is fresh from an April 12 high of $ 68.49 for the year, despite the fact that the stock price fell quickly and broke the formerly supportive 60-day moving average today. The 100-day moving average is still just below the potential minimum for today’s sell-off, although the stock is also back below its breakeven point since the start of the year.
There has been a serious penchant for bearish betting lately in the option pits. In fact, the stock’s 10-day put / call volume ratio of 1.22 on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is in the highest percentile of readings in their annual Range This means that puts are picked up faster than usual.
Today, option activity is rising on both sides of the aisle with 108,000 calls and 102,000 puts on the tape – six times the intraday average. The monthly call on May 60 is the most popular, with the weekly 4/30 strike of 59.50 taking a close second and appearing to be buying positions to open on the former.