After a tumultuous trading day, shares of Intel are on the rise after the chipmaker reported third-quarter net income of $1.9 billion, or 31 cents per share. Revenue for the period climbed 15% to $10.09 billion. It was a winning quarter for Intel; ahead of the report, analysts were forecasting a per-share profit of 30 cents per share and revenue of $9.62 billion.
The shares of Intel are up more than 3% in late trading, bouncing off support from their 10-day moving average. The stock faces overhead pressure from its 10-day and 20-day moving averages, which recently completed a bearish cross.
Ahead of this afternoon's report, option traders were stocking up on both call and put options on Intel. For a full technical and sentiment analysis, click here to read Joseph Hargett's assessment in today's Options Update.