Intel briefly stole the spotlight this morning when it boosted its third-quarter revenue guidance range to between $9.4 billion and $9.8 billion, compared to its previous guidance of between $9 billion and $9.6 billion. The chip guru said its gross margin for the quarter is expected to be in the upper half of the previous range of 52% plus or minus a couple of points. No reason was given in the statement for the raised guidance. The consensus estimate on the Street currently stands at roughly $9.4 billion in revenue for the quarter.
The shares of INTC are up nearly 2% this morning after slipping 2.56% on Friday. However, the equity managed to hold support at its ascending 10-day moving average before gapping higher today. The stock is currently hovering around the 26 level, which has served as resistance in the past. Potential support in the form of the equity's 10-week and 20-week moving averages are climbing into the region.
Sentiment toward the mega-chip company is still extremely optimistic. Zacks data reveal that 18 of the 22 analysts following Intel rate it a buy while the remaining 4 give the stock a hold rating. Meanwhile, short interest dropped by 1% in August to 84 million, giving the stock a meager short-interest ratio of 1.1.