- INTC rises 1.4% in Tuesday premarket
- Intel stock jumped 3.3% on Monday.
- Chipmaker hires new CFO from Micron.
Intel (INTC) shares are gearing up for a second day of advances on Tuesday after a management change pushed shares of the semiconductor to rise 3.3% on Monday. INTC shares are up 1.4% in Tuesday’s premarket.
Intel Stock News: New CFO
First, Intel named David Zinsner the new chief financial officer (CFO) after poaching him from Micron, where he served in the same role. Previously, Zinsner has held roles at Affirmed Networks, Intersil Corp. and Analog Devices, so he appears to have a wealth of experience regarding the semiconductor and tech arena. Additionally, Executive Vice President Michelle Hothaus was made head of the Client Computing Group.
The more significant piece of news, however, comes from subsidary Mobileye, which is slated to be spun out mid-year. Mobileye announced last week that it has already begun volume production of of its SuperVision autonomous driving system for Chinese electric automaker Zeekr, which is backed by domestic heavyweight Geely. Zeekr’s first consumer EV will begin deliveries in 2024 and will be “mostly” autonomous.
Mobileye’s EyeQ 5 chips will power the autonomous system, which uses a series of cameras, as well as lidar and radar and road mapping data, to deliver the autonomous driving experience. There is also talk that Ford may use Mobileye’s road data for its own autonomous driving capabilities. Mobileye is expected to fetch $50 billion when it debuts in mid-2022.
INTC key statistics
|Market Cap||$225 billion|
|Enterprise Value||$211 billion|
|Average Wall Street Rating and Price Target||Hold, $55.75|
Intel Stock Forecast: a run at $62.30 in the cards
Monday had INTC drive up as high as $58.29 before closing at $55.21. Both figures are interesting to any charting nerd. $58.29 is just shy of the $58.40 region that provided resistance on many occasions in May, June and July 2021. The close fell in a region that provided resistance in September, October and December 2021. It sure seems this TA stuff is useful for INTC.
With the knowledge that support is at $52, traders should wait for a close above $58.40. Remain above that level should lead the market to make an attempt at filling the gap from April 23 of last year. This would mean INTC shares traversing the no-man’s land up to at least $62.30.
INTC 1-day chart
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