Earnings season got underway for real with Intel’s (INTC) report after the close today. They reported $9.7 billion in revenues, a 9% increase compared to the year ago period, and earnings of 25 cents per share – both in line with analyst expectations. Their forecast of $9.0-$9.6 billion was also in line, or possibly slightly better, than analysts expectations (INTC Earnings Release).
Really it’s just a solid, not great, earnings release – but the stock is surging in the after hours, up more than 7% to around $22.50. That strikes me as quite a bit overdone.
My guess is that the stock will gap up at the open tomorrow but fade throughout the rest of the day.
Disclosure: Top Gun has no position in Intel (INTC) shares.