The major stock indexes were poised to end the week on a high note as Wall Street found much to like about Intel‘s (INTC) earnings report.
X The Dow Jones industrial average component gapped up at the open and recently trading around 49.68, up nearly 10%. The chip bellwether is one of several large-cap tech names that has been forced to pivot to new markets for growth; no easy task for a company like Intel with a market capitalization of around $232 billion.
Among the highlight of Intel’s report is that sales at its data-center business rose 20% to $5.58 billion, making up nearly one-third of total sales in the quarter.
In late-afternoon trading, the Nasdaq composite was up 0.9%, the S&P 500 added 0.8% and the Dow Jones industrial average gained 0.5%. The S&P 500 is set to notch its 17th weekly gain in past 20 weeks.
Volume on the NYSE was tracking lower than Thursday’s levels in the stock market today. Nasdaq volume was on pace to be a touch higher.
Top gainers in the Nasdaq 100 included chip firm Maxim Integrated Products (MXIM). Shares jumped more than 5% to 58.71. Shares pulled back along with other chip stocks Thursday, falling 2% and revisiting a 55.43 buy point in a flat base that serves as part of a base on base chart pattern.
In economic news, the first estimate for Q4 U.S. GDP growth came in at 2.6%, a little below the consensus estimate of 2.9%. Despite the headline miss, consumer spending and business investment still rose nicely.
Thor Industries (THO) and Winnebago Industries (WGO), two leading RV makers, fell sharply for the second straight session, down 9% each, after Northcoast Research downgraded both to neutral from buy. Both stocks plunged below their 10-week moving average lines this week in heavy volume, an unequivocal selling signal for those that bought when both stocks broke out of bases in September.
Dell Technologies (DVMT) also lagged badly, plunging 7.5%, on reports the company is considering a public share offering or perhaps a possible transaction with VMware (VMW). Dell is a majority owner of VMware. VMware was off session highs but still soared 10%.
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