Intel (INTC) Sinks on Brokerage Downgrade and Comments
Posted: Thursday, November 19, 2009 9:51 AM EDT
By: Market Intelligence Center Staff
Intel (NasdaqNM: INTC) opened at $19.40. So far today, the stock has hit a low of $19.18 and a high of $19.40. INTC is now trading at $19.19, down $.93 (-4.62%). Over the last 52 weeks the stock has ranged from a low of $12.05 to a high of $21.27. INTC shares are falling with other semiconductor stocks this morning after analysts at BofA/Merrill downgraded a number of stocks in the sector, saying in a note to investors that inventory levels are close to eclipsing demand. The analysts added, "we think the longer this persists the greater the risk of a correction in the supply chain." INTC was reduced to Neutral from Buy. Technical indicators for the stock are bullish and S&P gives INTC a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on INTC the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 21 range. [ABR-Seven Summits Strategic Investments NewsBite]
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