Intel's Earnings Surprise Lifts Chip, Tech Shares

Wednesday, 14 Jul 2010 01:37 PM

 

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Intel Corp.'s highest profit in 10 years lifted its shares and gave fellow chip makers a boost Wednesday, even as a disappointing report on June retail sales tempered gains for the broader market.

On Tuesday, the world's largest semiconductor maker reported stronger-than-expected results for the second quarter. Its net income of $2.89 billion topped $2.5 billion for the first time since 2000, at the height of the dot-com boom.

The blowout results and outlook lifted Intel's shares up 78 cents, or 3.7 percent, to $21.79 in midday trading. The stock has traded in the 52-week range of $16.46 and $24.36.

Kaufman Bros. analyst Shaw Wu said the quarter was Intel's best ever, despite economic uncertainties.

"The results and guidance were both strong and more upbeat than mixed data points out of the Taiwan Asia-Pacific supply chain and key retailer Best Buy have indicated," the analyst wrote in a note to investors.

Wu said the positive implications for hardware spending from Intel's results bode well for Apple Inc., Hewlett-Packard Co., Cisco Systems Inc. and others. Shares of Apple climbed $1.96 to $253.76, HP shares rose 74 cents to $47.51 and Cisco climbed 57 cents, or 2.5 percent, to $23.66.

Intel rival Advanced Micro Devices Inc. rose 6 cents to $7.58 after earlier trading as high as $7.82.

Shares of Nvidia Corp. rose 10 cents to $11.02 and LSI Corp. rose 10 cents, or 2 percent, to $5.05.

The Philadelphia Semiconductor index climbed 1.51, or 0.42 percent, to 364.34.

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