Intel’s Lackluster Guidance Causes A Selloff In Its Stock

Intel’s Lackluster Guidance Causes A Selloff In Its Stock
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Commenting on Intel’s lackluster guidance and today’s trading Gorilla Trades strategist Ken Berman said:

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Q2 2020 hedge fund letters, conferences and more

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ValueWalk’s October 2022 Hedge Fund Update: Haidar Capital Surges 225%

reports 1660232581Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring investors exit long-short hedge funds, the oil market is now "broken", and Haidar Capital surges 225%. Q2 2022 hedge fund letters, conferences and more

Dow: 26,9525, - 127 or 0.5%

S&P 500: 3,225, - 11 or 0.3%

Nasdaq: 10,407, - 55 or 0.5%

Russell 2000: 1,478, - 12 or 0.8%

Intel's Lackluster Guidance Causes A Massive Selloff In Its Stock

The major indices are all trading slightly lower at midday, adding to their losses from yesterday amid a mixed bag of corporate earnings. Intel's (INTC, -14.5) lackluster guidance caused a massive selloff in its stock, dragging down the tech sector, but Verizon's (VZ, + 0.9%) bullish report gave something to cheer about for bulls. Tensions between the U.S and China further escalated overnight, as the Asian giant ordered the closure of a U.S. consulate in Chengdu, in response to the similar step taken by the Trump administration in Houston.

In economic news, the Markit Manufacturing and Services PMIs both missed expectations, but the manufacturing measure still managed to rise above 50 for the first time since the start of the pandemic. The European PMIs, on the other hand, surged higher in concert, smashing the consensus estimates, and signaling a strong rebound even in the hardest-hit countries on the continent. U.S. new home sales also jumped by almost 15% compared to last month's reading despite the current wave of outbreaks.

Market breadth has been in line with the performance of the major indices this morning, with decliners outnumbering advancing issues by a 3-to-2 ratio on the NYSE at midday. Only 6 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 26 stocks hit new 52-week highs. The major indices have been trading above their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to intraday buying pressure.
Healthcare stocks have been taking a beating this morning, due to the cooling vaccine-related optimism, but the other key sectors are only slightly in the red at midday, with no strong divergence between risk-on and risk-off issues, which is a positive sign ahead of the afternoon session.

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