EARNINGS: Intel Beats Expected Revenue
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Intel’s stock price is up over 5% pre-market following the release of its quarterly earnings report, which revealed stronger-than-anticipated revenue and provided optimistic future guidance.
Despite incurring restructuring costs, Intel intends to spin off its foundry business, enabling it to secure external investment and concentrate on driving innovation in the field of artificial intelligence.
As of Thursday, October 31st, 2024, Intel’s stock price experienced a 3.50% decline, closing at $21.52.
This marks a three-day downward trend, with the stock decreasing from the previous day’s closing price of $22.30.
Throughout the trading session, the stock exhibited a 3.59% price fluctuation, with a low of $21.47 and a high of $22.24.
Over the past two weeks, Intel’s stock has experienced a total decline of 4.1%, marked by significant price volatility. Despite the downward price movement, trading volume surged by 36 million shares.
This significant increase in volume during a period of falling prices may be a warning sign, suggesting potential increased volatility and risk in the near future.
In total, 86 million shares were traded, amounting to an approximate trading volume of $1.86 billion.
In the short term, Intel’s stock appears to be consolidating within a wide, weak upward trend channel. A breach of the lower trendline support could signal a potential slowdown in the uptrend or even a reversal.
Key levels are $22.84 resistance and $21.52 support.
Data: eToro, FactSet, Morningstar, S&P Capital IQ, ProRealTime, MarketScreener, StockInvest
