Intel Gains ahead of Earnings Report
Intel (INTC) share prices edged up early Oct. 16, as investors made their bets ahead of the computer chip maker's quarterly earnings announcement and watched news reports about its sales.
The Santa Clara, Calif.-based company will announce its third quarter earnings on Tuesday Oct. 17. The mean analyst EPS estimate for the quarter is 18 cents, according to I/B/E/S.
Thomas Kilroy, vice general manager of the digital enterprise group, said at a developer's forum in Taipei, Taiwan that Intel already shipped 5 million of its new Core 2 Duo chipsets within the first 60 days of their going on sale July 27, according to Reuters. Mooly Eden, general manager for Intel's mobile platforms group, forecast a strong fourth quarter for notebook personal computers, the newswire also said.
Intel's stock gained 1.3% to $21.88 per share in early New York trading on the Nasdaq. Shares have risen from their 52 week of low on June 13 of $16.75 per share, compared to the high of $27.49 per share on Dec. 2, 2005.
Intel has been battling recently to regain the market share it's lost to rivals such as Advanced Micro Devices. Since chief executive Paul Otellini took the reins more than a year ago from from former CEO and now chairman Craig Barrett, Intel's management has had frequent shakeups and rebranded its Pentium brand with new brand names like Core and Core Duo for personal computer chips.
Intel said in September that it is cutting its global workforce by 10,500 people by the middle of next year. The broad corporate restructuring aims to cull $2 billion in operating expenses in 2007 and $3 billion by 2008.