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Intel shares surge on earnings beat and strong revenue guidance
  + stars: | 2023-10-27 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntel shares surge on earnings beat and strong revenue guidanceIntel stock is surging higher on Friday after the company beat Wall Street expectations for profit and sales. CNBC's Kristina Partsinevelos has the details.
Persons: CNBC's Kristina Partsinevelos Organizations: Intel
Chipmaker Intel soars on signs of PC market recovery
  + stars: | 2023-10-27 | by ( Samrhitha A | ) www.reuters.com   time to read: +3 min
A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. The chipmaker was set to increase its market value by more than $10 billion, if gains hold. Bernstein analyst Stacy Rasgon said Intel's "AI story still seems marginal" and the "datacenter performance continues to suffer from significant headwinds". The company is under heavy pressure in the data center chip market from Nvidia, whose graphic processing units are used for training artificial intelligence models. Sales at Intel's data center business, which also houses its AI chip division, dropped 10%.
Persons: Dado Ruvic, Bernstein, Pat Gelsinger, Taiwan's TSMC, Gelsinger, Logan Purk, Edward Jones, Stacy Rasgon, Gaudi, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Intel, AMD, Nvidia, Reuters, Thomson Locations: chipmaking, Bengaluru
Intel’s reverse bullwhip is strong
  + stars: | 2023-10-27 | by ( ) www.reuters.com   time to read: +2 min
The $150 billion chip giant has weathered a post-Covid maelstrom as an initial work-from-home-driven boost to PC sales slammed into reverse, denting sales and the company’s chunky gross profit margin. Growth isn’t back, but results released on Thursday show the decline is slowing and a new division has promise. At least one pandemic bullwhip might be close to having run its course. Reuters GraphicsBetter yet, Intel’s foundry business - Gelsinger’s push to start making chips designed by others - is narrowing its losses while growing revenue and scaling up. Though many customers are signing up on the condition that Intel’s manufacturing tech reaches certain milestones, that unit is its future.
Persons: Pat Gelsinger, Jonathan Guilford, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Intel, Taiwan Semiconductor Manufacturing, X, Thomson
CNBC's Jim Cramer on Friday remembered Byron Wien, a famed investor known for his annual "Ten Surprises" list that was considered an essential read by many on Wall Street. "He was an optimist, always on the lookout for new ideas and the young people who believed in them." Cramer said he always pored over Wien's "Ten Surprises" list, which was published for 38 consecutive years. To Cramer, some of Wien's ideas may have been "outlandish," but he said they always made him think. In the late 1980s at a dinner of managers hosted by Wien, Cramer recalled pitching a story about personal computers becoming as powerful as mainframes, thanks to new chips made by Intel .
Persons: CNBC's Jim Cramer, Byron Wien, Morgan Stanley, Byron, Cramer, Wien, he'd, Byron Wiens Organizations: Wien, Blackstone, optimist, Intel
JPMorgan shares fell after Chief Executive Jamie Dimon announced plans to make his first substantial sale of the bank’s shares since taking over nearly two decades ago. Exxon Mobil and Chevron shares fell. The Fed's preferred gauge showed core prices rose by 0.3% from the previous month. Oil prices rose. Hong Kong’s Hang Seng Index rose more than 2% and Japan’s Nikkei 225 gained 1.3%.
Persons: Jamie Dimon, Stocks, Brent Organizations: Nasdaq, JPMorgan, Dow, Exxon Mobil, Chevron, Ford, United Auto Workers, Treasury, Nikkei Locations: America
Amazon — Amazon's stock surged 7% after the e-commerce giant reported strong third-quarter results and showed a 13% jump in revenue for the period. Intel — The chip stock popped 7% after posting third-quarter results Thursday that topped Wall Street's expectations and offered strong guidance for the current period. Chipotle Mexican Grill — Shares of the restaurant chain rose more than 3% in premarket trading after the company's third-quarter earnings topped expectations. Stanley Black & Decker beat third-quarter earnings expectations , citing "strong momentum" with its cost reduction program. Colgate-Palmolive topped third-quarter earnings expectations on the top and bottom lines and hiked its organic sales growth outlook.
Persons: Pat Gelsinger, Ford, Chipotle, LSEG, LSEG . Stanley Black, Decker, Stanley Black, Sanofi, Newell Brands, Cantor Fitzgerald, , Jesse Pound, Tanaya Macheel, Pia Singh, Sarah Min Organizations: Intel, Enphase Energy, LSEG, Ford, UAW, Exxon Mobil, Chevron — Chevron, Chevron, Colgate, Palmolive, Sanofi — U.S, Newell, Charter Communications, Disney . Charter Communications, Hasbro, Bank of America, Automotive, Merck —, BMO Capital Markets, Merck
JPMorgan initiates TKO Group as overweight JPMorgan said the WWE and UFC combo company is a "sports champion." Bank of America downgrades Hasbro to neutral from buy Bank of America downgraded the toymaker after its earnings report on Thursday. " HSBC upgrades Intel to hold from sell HSBC upgraded Intel after its earnings report on Thursday. TD Cowen downgrades Southwest to market perform from outperform TD downgraded the stock after its "tough" earnings report on Thursday. " Goldman Sachs reiterates Amazon as buy Goldman said the stock remains attractive after its earnings report Thursday.
Persons: Cantor Fitzgerald, Rivian, Cantor, Stifel, we've, JPMorgan, Morgan Stanley, Piper Sandler downgrades, Piper, Guggenheim, Raymond James, Roblox, TD Cowen, TD Cowen downgrades Hershey, it's bullish, Wells, Goldman Sachs, Goldman Organizations: Dominion, WWE, UFC, " Bank of America, Hasbro, Bank of America, Products, Energy, JPMorgan, HSBC, Intel, Inc, Deutsche Bank, Deutsche, Griffon Corp, Management, Hershey, BMO, Merck, Citi, Cisco, JPMorgan downgrades, Apple, of America
CNBC Daily Open: Is trouble brewing?
  + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Amazon reported third-quarter earnings and revenue on Thursday that sailed past analysts' estimates. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. Multiple names within the Nasdaq are already in a bear market, or down more than 20% from their 52-week highs.
Organizations: CNBC, Big Tech, Nasdaq, Dow Jones, Amazon Web Services, Ford, United Auto Workers union, Intel, CNBC Pro
CNBC Daily Open: Is trouble on the horizon?
  + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Seattle-based online retail giant reported third-quarter earnings and revenue that sailed past analysts' estimates. Its ad business recorded $12.06 billion in revenue during the third quarter, marking a 26% jump from the year-earlier period. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined.
Persons: Andy Jassy, axing, Li Keqiang, Li Organizations: CNBC, Nasdaq, Dow Jones, Web Services, Ford, United Auto Workers union, Intel Locations: Asia, Pacific, Seattle, North America, Shanghai
The major supplier of semiconductors that power PCs beat earnings estimates and issued strong revenue guidance, sending shares roughly 10% higher on Friday. "They're winning a lot of business and there should be some new product," Cramer said on "Squawk on the Street." If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. AMD and Intel dominate the market for central processing units, or CPUs, that are the brains of PCs. There was a report this week, however, that Nvidia might be looking to leverage its alliance with Arm Holdings (ARM) to make CPUs.
Persons: Jim Cramer, They're, Cramer, Jim Cramer's, Jim Organizations: Intel, Devices, AMD, Cramer's, Nvidia, Arm Holdings, Apple
Intel stock jumped 10% on Friday morning after the company beat Wall Street expectations for profit and sales. It posted $14.16 billion in revenue for the quarter, ahead of analyst expectations of $13.53 billion, but down 8% from the year-ago quarter. Intel is also on track to hit its goal of $3 billion in savings for the year, according to CEO Pat Gelsinger. JPMorgan analysts praised the savings in an investor note. "The team is also executing well against its cost saving initiatives and indicated that they are on track with their plans for $3B in savings to COGS/Opex in 2023," JPMorgan analysts wrote.
Persons: Intel's premarket, Goldman Sachs, Morgan Stanley, Pat Gelsinger, Intel's, , Leswing, Michael Bloom Organizations: Intel, Nvidia, Arm, JPMorgan, CNBC
Intel — Shares of the chipmaker popped 9.3% Friday, a day after Intel reported third-quarter results that topped analysts' expectations. Juniper Networks — The network management software provider climbed 6.1% after exceeding Wall Street's expectations on earnings and revenue for the third quarter. Juniper earned 60 cents per share on an adjusted basis, while analysts surveyed by FactSet expected 55 cents per share. Chipotle Mexican Grill — Chipotle shares led the market higher Friday, gaining 4.5% after the company's third-quarter earnings topped expectations. While profits fell short of Wall Street's expectations, revenue topped estimates.
Persons: Pat Gelsinger, Dexcom, Stanley Black, Decker, Juniper, FactSet, Chipotle, Ford, , Alex Harring, Samantha Subin, Yun Li, Hakyung Kim Organizations: Intel —, Intel, Juniper Networks, Revenue, Bank of America, LSEG, Enphase Energy, Chevron, Ford, UAW
Russia's heavy bomber aircraft haven't fired cruise missiles at Ukraine in more than a month, UK intel said. The UK MOD said that's "one of the longest gaps in such strikes since the conflict began." AdvertisementAdvertisementRussia's fleet of heavy bomber aircraft have not fired cruise missiles at Ukraine in more than a month, according to UK intelligence. AdvertisementAdvertisementUsing those bombers to launch cruise missiles had been Russia's "primary method" for precision strikes, even though it does have other ways of hitting Ukraine, the UK MOD said. Cruise missiles can also be fired from the ground or the sea as well as from planes, but Russia favors strikes launched from aircraft.
Persons: , Volodymyr Zelenskyy Organizations: intel, MOD, Service, Ministry of Defence, Aviation Locations: Ukraine, Russia, Ukrainian
Intel and other chip makers are hoping consumers will flock to future PCs with chips designed for AI calculations. Photo: Brent Lewin/Bloomberg NewsIntel ’s revenue and profits fell in its latest quarter as weak personal-computer and server sales damped the market for its chips. Still, shares of the chip maker rose about 6% in after-hours trading as the company’s results and outlook topped analyst expectations amid signs that a PC recovery is starting to take hold and interest in artificial-intelligence computation is growing.
Persons: Brent Lewin Organizations: Intel, Bloomberg
Morning Bid: Haunted by 5% ahead of ECB, GDP and Amazon
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +5 min
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. With Amazon due to report later, there was no respite for the so-called 'Magnificent Seven' Wall St behemoths or the wider market ahead of Thursday's open. The bond market seemed unimpressed even as the U.S. House of Representatives ended a three week hiatus by electing Republican Mike Johnson, a conservative with little leadership experience, as speaker. European stocks (.STOXXE) and the euro dropped sharply, meantime, as regional banking shares were hit ahead of the European Central Bank's policy decision later in the day. Key developments that should provide more direction to U.S. markets later on Thursday:* European Central Bank policy decision and press conference.
Persons: Brendan McDermid, Mike Dolan, Israel, Republican Mike Johnson, Johnson, Joe Biden's, AO, Bunge, Northrop, Wang Yi, Antony Blinken, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Google, Big Tech, Nasdaq, Semiconductor, SOX, Bank of Japan, U.S . House, Republican, United Auto Workers, Ford, European, ECB, Chartered, BNP, Central Bank, Turkish Central Bank, Fed, Intel, UPS, Honeywell, Merck, Comcast, Mastercard, Capital, Energy, Mohawk, Eastman Chemical, Camden Property, AO Smith, Hasbro, Myers Squibb, Boston Scientific, Hershey, Northrop Grumman, Treasury, Foreign, U.S, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, Gaza, Philadelphia, Bank, Ukraine, China, Kansas, Bristol, Washington, Brussels
Bernstein's Stacy Rasgon previews Intel ahead of earnings
  + stars: | 2023-10-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBernstein's Stacy Rasgon previews Intel ahead of earningsStacy Rasgon, Bernstein Research analyst, joins 'Closing Bell' to discuss Intel ahead of the company reporting earnings after the bell today.
Persons: Bernstein's Stacy Rasgon, Stacy Rasgon, Bernstein Organizations: Bernstein Research, Intel
Intel forecasts fourth-quarter revenue above expectations
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +1 min
A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 26 (Reuters) - Intel (INTC.O) forecast fourth-quarter revenue above Wall Street estimates on Thursday, optimistic of a healthy rebound in client orders for its chips after a several-quarters-long inventory buildup in the PC market eased. The company forecast adjusted current-quarter revenue in the range of about $14.6 billion to $15.6 billion, compared with an estimate of $14.35 billion, according to LSEG data. The company expects adjusted profit per share to be about 44 cents, beating an estimate of 32 cents. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, chipmaker, Canalys, Chavi Mehta, Krishna Chandra Organizations: REUTERS, Intel, Taiwan Semiconductor Manufacturing, Thomson Locations: Santa Clara , California, Bengaluru
Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in Focus
  + stars: | 2023-10-26 | by ( ) www.wsj.com   time to read: +1 min
The Nasdaq Composite closed down 1.8% on Thursday, after dropping the day before. Alphabet was the culprit Wednesday: It got slammed after its own earnings, which helped drag the tech-heavy Nasdaq into a correction. The 10-year yield dipped. The yield on the benchmark 10-year note settled at 4.843%, pulling back after nearing Monday’s 5% level earlier in the session. Coming up:Intel and Ford Motor are also on the earnings docket for after markets close.
Persons: Sam Bankman, Dow industrials Organizations: Nasdaq, Facebook, United Parcel Service, Spirit Airlines, Comcast, Intel, Ford
Web Summit's CEO quit after appearing to accuse Israel of "war crimes," triggering backlash online. In his first post on the subject, Cosgrave seemed to accuse Israel of war crimes. "War crimes are war crimes even when committed by allies, and should be called out for what they are." Proceed with cautionMany of the high-profile CEOs who have commented on the conflict so far have explicitly condemned Hamas and supported Israel. "If you have no connection to Israel, what is the point in mouthing off about political issues now?"
Persons: Execs, Israel, , Paddy Cosgrave, Cosgrave, I'm, Ireland's, Bill Kissane, Google's, Paul Argenti, Argenti Organizations: Service, Intel, Web, The London School of Economics, Political, Britain, Palestinian Liberation Organization, Web Summit, Google, Microsoft, Siemens, Israel, Tuck School of Business Locations: Israel, Lisbon, Ireland, Northern Ireland, mouthing
Amazon issued fourth-quarter sales guidance ranging between $160 billion to $167 billion, while analysts polled by LSEG called for revenue of $166.6 billion. Intel earned 41 cents per share, adjusted, on $14.16 billion in revenue, while analysts polled by LSEG had expected 22 cents per share in earnings and revenue at $13.53 billion. Earnings per share came in at $4.45 versus the $3.24 per share expected by analysts polled by FactSet. Analysts polled by FactSet expected earnings of 34 cents per share and revenue at $939.6 million. Analysts polled by LSEG called for $22.64 in earnings per share and $4.015 billion in revenue.
Persons: LSEG, Ford, Dexcom, FactSet, , Darla Mercado Organizations: Amazon, Intel, Ford —, Ford, LSEG, FactSet, Enphase Energy, Revenue
The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 26 (Reuters) - Mobileye Global (MBLY.O) lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology. Automakers such as Tesla (TSLA.O), General Motors (GM.N) and Ford (F.N) have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties. This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar . The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.
Persons: Shannon Stapleton, Mobileye, Arsheeya, Shilpi Majumdar Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, Times, REUTERS, General Motors, Ford, EV, Volkswagen, Porsche, Thomson Locations: New York City, U.S, Israel, Bengaluru
North Korea has shipped Russia more than 1,000 containers of munitions in recent weeks, intel suggests. North Korea is now on track to become one of Russia's biggest foreign arms suppliers alongside Iran and Belarus, the UK's defense ministry said. The White House is also closely monitoring the situation and said a military alliance between Russia and North Korea could destabilize the region. AdvertisementAdvertisementThe UK's defense ministry said Thursday that North Korea has sent a huge amount of munitions to Russia recently and is on track to become one of Russia's biggest foreign arms suppliers. North Korea has sent Russia more than 1,000 containers of munitions over the last several weeks, the UK's Ministry of Defence said in an intelligence dispatch on X.
Persons: , John Kirby, Kirby Organizations: intel, Service, UK's Ministry of Defence, White, Security, Russian, Moscow, Ukraine Locations: Korea, Russia, North Korea, Iran, Belarus, DPRK, North
Intel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as its revenue declined from the year-earlier period. Intel posted net income of $297 million, or 7 cents per share, versus net income of $1.02 billion, or 25 cents per share in the same quarter last year. Revenue fell 8% from $15.33 billion a year ago, the seventh consecutive quarter of declining sales. Intel CEO Pat Gelsinger told analysts on a call the company would cut costs by about $3 billion this year. Chief Financial Officer David Zinsner said that Intel's earnings per share benefited from the company controlling expenses, with operating expenses declining 15% from a year ago.
Persons: Pat Gelsinger, David Zinsner Organizations: Intel, Revenue
Intel is playing catch-up in the AI race
  + stars: | 2023-10-26 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +2 min
Chip maker Intel is in catch-up mode on AI. In May, it revealed a new AI chip called "Falcon Shores" that will be packed with the memory and computing power needed for the intensive workloads of AI tools such as ChatGPT. The productivity and efficiency benefits of generative AI tools like ChatGPT have led several CEOs to talk openly about their intent to deploy AI within their workforce, creating an opportunity for tech companies to offer them customized solutions. AdvertisementAdvertisementIntel's efforts to make headway in AI come amid pressure on other key parts of its business. Intel did not immediately respond to a request for comment from Insider, made outside regular working hours.
Persons: , Intel's Organizations: Intel, Service, Nvidia, Boston Consulting Group, Bloomberg
And now the medieval Garisenda “leaning” tower in Bologna is sparking very modern publicity, with concern that it might be subsiding. But it leans at an angle of four degrees – only a little more upright than the Leaning Tower of Pisa, set at a tipsy five-degree angle. Shortened in later years, it sits in the city center beside the Asinelli – a tower twice the height, which tourists can climb. Lepore said that the tower “has been leaning for several centuries, and it has been the subject of various interventions over decades.”The Garisenda, seen next to the higher Asinelli tower, leans at a four-degree angle. Lepore represents the center-left Democratic Party, and his council opposition has cast him as failing to protect the tower.
Persons: we’ll, Stanley Tucci, CNN — Dante Alighieri, Charles Dickens, Dante, Matteo Lepore, , Lepore, Genoa’s, ” Lepore, , Lucia Borgonzoni, Borgonzoni, Fabio Bergonzini Organizations: CNN, intel, Northern League, Democratic Party Locations: Italy, Bologna, Manhattan, Pisa, Emilia, Romagna, Lepore,
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