Intel's stock is flying high after hours today! Shares are up over 8% right now, as the company reported record profit margins, a 34% jump in revenue, and an across the board cheery outlook that's got investors feeling pretty jolly.
So what's the deal - many of us were waiting for the next shoe to drop - does Intel's report signal we're wrong?
Let's pull up the chart and see what we got:
INTC was heading straight down - 'til today's earnings report.
(Source: StockCharts.com)
Intel's stock price had topped in April, and since has traded down in a series of "lower lows and lower highs" along with the broader indices.
So will today's earnings news send INTC up to new highs?
It's probably the last thing you'd have anticipated from looking at the chart leading up until today. So it will be very interesting to see where it heads from here.
Will these gains be sustained, and built upon? Or will they be given back quickly in the next couple of days? For me, that'll be the real story to watch.
If I were a betting man (I know, preposterous), I think these gains will be retraced sooner rather than later. But we shall see!
Disclosure: Long INTC (a longer term position)