|Bid||67.32 x 3100|
|Ask||67.33 x 1000|
|Day's range||65.94 - 67.58|
|52-week range||42.86 - 69.29|
|Beta (5Y monthly)||0.91|
|PE ratio (TTM)||14.32|
|Earnings date||22 Apr 2020|
|Forward dividend & yield||1.26 (1.84%)|
|Ex-dividend date||05 Nov 2019|
|1y target est||65.69|
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Intel's (INTC) fourth-quarter 2019 results benefit from growth in the data-centric businesses, driven by robust adoption of high-performance products, including Xeon Scalable processors.
(Bloomberg Opinion) -- Intel Inc. closed out 2019 learning the hard lesson that making cutting-edge semiconductors is truly difficult.Like a prizefighter who refuses to admit he just hit the mat, the world’s biggest chipmaker is coming out swinging. And it should, because how it gets through 2020 could decide the company’s fate. Once the most advanced supplier of semiconductors, Intel struggled last year to ramp up production of chips that use its latest 14-nanometer process node, “letting customers down,” as CEO Bob Swan said in October. Its full-year results released Thursday showed that revenue climbed 2% and that net income was flat — hiding the fact that Intel dodged a bullet when it wasn’t able to supply enough of its most advanced products when clients needed them most.It tried to offer some reassurance three months ago by noting that it would increase 14-nanometer capacity 25% this year while raising capital spending to nose-bleed levels. To help overcome that slip-up, executives are keen to tell investors how many customers have signed up for its latest offerings, including a chip dubbed Ice Lake and an upgrade to its Comet Lake mobile processor, which use the next-generation 10-nanometer process. In reality, Intel is badly lagging behind both contract manufacturer Taiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. TSMC, for example, started selling its 10-nanometer chip technology in mid-2017 and last year boosted revenue from its more advanced 7-nanometer offerings by more than 200%. When Intel eventually hits 7 nanometers in 2021, it will be almost three years behind.Intel’s rebuttal is that so-called process-node technology isn’t the only thing. It’s right, and clients should look at total system performance to see how all the parts — the processor, memory and controllers — all slot together. No other company in the world can offer the breadth and depth that Intel can.But with Advanced Micro Devices Inc. back in the game after a decade in the wilderness and a raft of chip designers ready to tap TSMC’s technology advantage, Intel would be foolish to rest on the belief that it can stay ahead of the game while lagging behind on technology. It knows this and has committed to speeding up its migration from the pace of a new node every five to seven quarters to as little as four quarters. Yet investors ought to also note that the introduction of a new node compresses margins during the early stages before better yields provide economies of scale later. A quicker timetable won’t allow as much time to enjoy the upside before the next margin crunch comes.Intel’s strategy to offset this squeeze is to tap continued growth in the data-center market. Cloud providers like Amazon.com Inc., Alphabet Inc.’s Google and Alibaba Group Holding Ltd. are among customers for its 14-nanometer Cascade Lake products, while the global 5G rollout is expected to provide a couple of solid growth years. Its Data Center Group accounts for 32.6% of revenue but 46.4% of operating income, making it Intel’s most lucrative business unit by operating margin.But that business relies on Intel’s ability to churn out leading-edge chips that, even if not equivalent to what TSMC can offer clients, won’t be too far behind. A data center operator might be willing to forgive a single-generation lag, reasoning that the broader platform integration Intel offers can provide the cost-benefit metrics it needs. A two-generation delay is hard to overlook, though. Intel’s size and strength means it won’t be easily knocked out. But it needs to get through this year unscathed if it’s to remain the undisputed heavyweight champ.(Updates with details about Intel’s 10-nanometer offerings in the fourth paragraph.)To contact the author of this story: Tim Culpan at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dram memory prices are already starting to recover and the chip sector as a whole is expected to return to growth this year, with the World Semiconductor Trade Statistics body predicting a 6 per cent rise. Intel has reinforced this confidence.
Intel has finally regained its position as the world’s biggest chipmaker after more than a year in the cold. The more companies opt to rent data storage from cloud services the better Intel’s data centre unit performs. The downside is that technology giants tend to expand data centre capacity in fits and starts.
(Bloomberg) -- Intel Corp. gave bullish quarterly and full-year revenue forecasts, driven by a surge in demand for chips that power large cloud-computing centers. The shares jumped as much as 7.8% in late trading.Sales in the current quarter and in 2020 will be well above what analysts had predicted and are outpacing normal industry trends, the chipmaker said on Thursday. Fourth-quarter revenue and profit also topped Wall Street’s highest estimates. As the biggest provider of server chips, Intel is benefiting from a rush to build capacity in data centers operated by companies such as Alphabet Inc.’s Google, Facebook Inc. and Amazon.com Inc’s AWS.“We’re well ahead of our expectations in the quarter and it’s continuing into this year,” Chief Financial Officer George Davis said in an interview. “That’s just a great dynamic.”Revenue from cloud-service providers, which offer computing power and storage via the internet, surged 48% in the fourth quarter, fueling a gain in sales of the company’s most lucrative chips. A spike in demand from these buyers is helping to ease concerns that Intel was losing its technology leadership in computer processors and faced a competitive threat from customers’ own development efforts. Some high-end server chips cost more than compact car.Revenue in the current period will be about $19 billion, and profit will be $1.23 a share, excluding certain items, Intel said. That compares with average analysts’ projections for $17.2 billion and $1.04 a share. Sales in 2020 will be about $73.5 billion, the company said late Thursday in a statement. Analysts were looking for $72.2 billion on average, according to data compiled by Bloomberg.The company’s annual forecast implies growth will abate in the second half of the year, Davis said. Big purchases from data-center owners tend to come in lumps, followed by slower periods when the components are being built into computers.“The hard part is forecasting when they’re going to slow down and digest,” he said.Fourth-quarter sales rose 8% to $20.2 billion, the Santa Clara, California-based company said. Analysts on average had predicted $19.2 billion. Net income was $6.9 billion, or $1.58 a share, compared with estimates for $1.23 a share. Gross margin, or the percentage of sales remaining after deducting the cost of production, was 58.8% in the quarter.The largest U.S. chipmaker has fallen behind rivals in semiconductor-manufacturing technology, sparking concern on Wall Street about sales growth and future profit. In November, the company told PC customers inventory remained tight because of limited manufacturing capacity. Still, executives have said that Intel is targeting a broader range of markets and the company has plenty of room to expand in new areas, such as networking and the auto industry.Intel will increase spending on new plants and equipment to $17 billion in 2020 in part to boost production to a point where it’s not only able to fill all customer orders, but build inventory, Chief Executive Officer Bob Swan said on a conference call. After again failing to meet all demand in the fourth quarter, avoiding a repeat of that mistake is one of his biggest priorities, he said.The company’s struggles with its move to advanced 10-nanometer production are beginning to ease, Swan said. Intel plans to have server chips built with that technique available in the second half.Demand for personal computers held up well in the recent period, Davis said. Global PC shipments rose 2.3% from a year earlier in the December period as companies upgraded to a new version of Microsoft Corp.’s Windows operating system, according to research firm Gartner Inc. Intel expects the market this year for PCs to be flat from 2019 as that replacement cycle comes to an end.Intel has more than 80% market share in PC processors, and it controls even more of the server-chip market. In that business, semiconductor rival Advanced Micro Devices Inc. has fielded new products, and companies such as Amazon have said they’re designing some chips on their own -- leading some analysts to predict Intel would begin to lose business and struggle to grow this year. Intel executives said that part of the reason they’re predicting less growth for the second half is the expectation that competition will intensify.So far, there’s no sign of that hurting the company’s performance. In the fourth quarter, Intel’s data center unit reported a sales increase of 19% to $7.2 billion. PC-chip sales gained 2% to $10 billion. The company’s programmable-chip unit was the only division to post a decline. Sales at the Mobileye unit, which makes chips used to help vehicles pilot themselves, grew 31% to $240 million.(Updates with comment from CEO in 10th paragraph.)To contact the reporter on this story: Ian King in San Francisco at email@example.comTo contact the editor responsible for this story: Jillian Ward at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.