Intel Rises as Sales Forecast Fuels PC-Market Optimism
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Intel Corp. shares rose to a 12-year high after the chipmaker forecast third-quarter sales that topped analysts’ projections, fueling optimism that the personal-computer market is emerging from a two-year slump.
The shares of the world’s largest semiconductor maker climbed 9.3 percent to $34.65 at the close in New York, its highest price since February 2002. The stock has gained 34 percent this year. Intel also raised its annual revenue forecast and added $20 billion to its stock-repurchase plan.