Computer processor maker Intel Corporation(
) late Tuesday said its third quarter profit surged 59% from last
year on higher revenue, but the company's forecast was a bit
The Santa Clara-based company reported third quarter net income
of $2.96 billion, or 52 cents per share, compared $1.86 billion, or
33 cents per share, in the year-ago period.
Revenue jumped 18% from last year, to $11.1 billion.
On average, Wall Street analysts expected a smaller profit of 50
cents per share, on slightly lower revenue of $11 billion.
Looking ahead, the company forecast fourth quarter revenue to
range from $11.0 billion to $11.8 billion, which could fall short
or exceed analyst expectations for $11.32 billion.
Intel shares rose 27 cents, or +1.4%, in premarket trading
The Bottom Line
We had removed shares of INTC from our recommended list back on
June 8, 2010, when the stock was trading at $20.31. The company has
a 3.19% dividend yield, based on last night's closing stock price
of $19.77. The stock has technical support in the $17 price area.
If the shares can firm up, we see overhead resistance around the
$21-$22 price levels. We would remain on the sidelines for now.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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