topped earnings and revenue estimates after the close on Tuesday.
Intel’s earnings of 14 cents a share beat estimates by a penny, and revenues of $6.82 billion topped estimates of $6.72 billion. The company’s third quarter revenue guidance of $6.9-$7.5 billion was in line with $7.17 billion estimates, and margin guidance of 54% was better than expected.
The numbers were welcome news for investors looking for signs of a tech recovery. Intel’s stock traded more than 4% higher after hours on the news, and Nasdaq futures were up 1%.
The broader market declined during the day on an earnings miss from Fannie Mae
and a lowered U.S. government GDP forecast.
The Nasdaq slipped 1 to 1753, the S&P 500 declined 3 to 1000, and the Dow fell 48 to 9128. Volume rose to 1.52 billion shares on the NYSE, but declined to 1.93 billion on the Nasdaq. Decliners led 21-10 on the NYSE, and 17-14 on the Nasdaq. Downside volume was 65% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 235-14 on the NYSE, and 298-3 on the Nasdaq.
After the close, Lucent
warned, and Applied Micro
and RF Micro
During the day, Rambus
surged 6.7% despite missing earnings estimates by a penny with 4-cent earnings. One second-tier firm upgraded Rambus based on royalty estimates of $2.71 a share, which would give the company a price-to-earnings ratio of less than 8 at current levels.
gained 3% on new chip technology.
climbed 1.2% on an $800 million contract with the state of California.
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