Intel Beat Earnings by $1.7 Billion and Fell 11% as Cramer Turned Bullish
Intel beat revenue forecasts by $1.7 billion and posted its best growth in over fifteen years. The stock fell 11% anyway.
AMD had good news of its own and fell 5.5% too. When both drop at once, the cause is usually money leaving the sector.
Intel Stock Fell Through Its Own Earnings Beat
Intel reported revenue of $16.1 billion, up 25%. Analysts had expected $14.42 billion. Its data center and AI unit grew 59% to $6.3 billion. Adjusted earnings hit 42 cents a share.
Our Q2 results represent our strongest revenue growth in more than fifteen years…," said Lip-Bu Tan, Intel chief executive, in the earnings release.
Finance chief Dave Zinsner went further, promising more spending on factory equipment and materials. Then the selling started. Intel has dropped 10.88% since the results landed.
Its RSI, a momentum gauge, sits at 29.07. Readings that low point to heavy selling.
AMD Fell Too, on Opposite News
AMD had momentum going in. It had just pledged 2 gigawatts of chips to an Anthropic supply deal, backed by a $5 billion investment.AMD still lost 5.49%. Its RSI sits at 40.99.
… Continue reading the full article at the original source below.
