SaltWire's Atlantic regional weather forecast for October 27, 2023 | SaltWire - Intel rose nearly 8% on Friday and sparked a jump in chip stocks after its upbeat forecast signaled that the personal computer market was rebounding from its quarters-long slump.
Intel forecast fourth-quarter revenue and margins above Wall Street estimates on Thursday, after it reported a smaller-than-feared decline in the segment that houses its PC business for the July-September period. "The foundry business is slowing taking shape. The announcement of new customers is a clear positive that shows there is customer interest in what Intel brings to the table," Logan Purk, analyst at Edward Jones, said.
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