As previously reported, BofA/Merrill downgraded ASML to Neutral from Buy and lowered its price target $99 from $112. Analyst Kal Korschelt said Intel (INTC) implied last night at the Intel Developer Forum that it will pursue its initial 7nm ramp in 2018/19 without Extreme Ultraviolet Lithography Technology, or EUV. The analyst said this implies reduced demand for ASML's (ASML) EUV tools from Intel in 2017-19 and lowered 2017-18 earnings by 8% to 13%. Further, Korschelt said the semicapex cycle is likely to moderate into 2017 and for ASML shares to take a breather after strong outperformance.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSSnap (SNAP) up... To see the rest of the story go to thefly.com. See Story Here

Pre-earnings options volume in Intel is normal with calls leading puts 2:1. Implied volatility suggests the market is anticipating a move near 5.6%, or $1.96, after results are released. Median move over the past eight quarters is 7.8%.

Intel (INTC) is scheduled to report results of its fiscal first quarter after the market close on April 25, with a conference call scheduled for 5:00 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here