Needham analyst N. Quinn Bolton says Intel reported Q1 results roughly in line with estimates and toward the bottom of prior guidance, adding that the company announced that it will reduce its workforce by 12K employees for annualized operational expenditure savings of $1.4B by mid-2017. With management setting "realistic" revenue expectations and decreasing spending, Bolton believes Intel's shares can rally from here. The analyst reiterates a Buy rating and $38 price target on the stock.
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