Diamonds and Dogs
At least one chip stock moving in the right direction. Intel (INTC) is up nearly 3% following better than expected earnings as sales rose 18.7% to $19.16 billion, a billion dollars above estimates. The company also issued upside guidance for the fourth quarter. Data center, client computing, Internet of things, memory and mobilized businesses all achieved record revenue. Intel received at least four analyst upgrades with price targets in the mid-50 dollar range.
FANG lost the A and the G today. Amazon (AMZN) is down 8% while Google (GOOG) is down 4% following earnings. Amazon easily beat estimates as revenues rose 29.3% to $56.58 billion, but then the company lowered guidance for the holiday season. Something tells me Amazon will be alright. Google also beat earnings estimates, but revenue rose 21.4% to $33.74 billion below estimates. Longer term both stocks are fine, but short term under pressure.
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