By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch)--Intel Corp. surged and Yahoo Inc.
stumbled Wednesday as following the tech bellwethers' latest
earnings results.
Intel (INTC) climbed more than 6% to reach a 52-week-high of
$33.95 a share after the semiconductor giant reported
better-than-expected second-quarter results and offered an upbeat
third-quarter forecast. Late Tuesday, Intel said it earned 55 cents
a share, on $13.8 billion, up from 39 cents a share, on $12.8
billion a year ago. Analysts surveyed by FactSet had forecast Intel
to earn 52 cents a share on $13.7 billion in sales.
The world's largest chip maker said its results were helped by
gains in PCs and data-center-related sales.
Other chip stocks followed Intel's lead, with Advanced Micro
Devices Inc. (AMD), Micron Technology Inc. (MU) and Texas
Instruments Inc. (TXN) on the rise.
SanDisk Corp. (SNDK), which reports quarterly results after
Wednesday's market close, rose by 1% to $106.51 a share.
The gains from semiconductor stocks and others helped lift the
Nasdaq Composite Index (RIXF) almost 19 points to 4,434, and the
Philadelphia Semiconductor Index (SOX) also rose almost 1%.
But Yahoo (YHOO) failed to rally due to broad disappointment
with the Internet company's latest results.
Late Tuesday, Yahoo reported a decline in earnings and total
revenue from a year ago, as display ads, a key measure of the
company's health, also fell. It was the fourth time in the past
five quarters that Yahoo's revenue retreated. Chief Executive
Marissa Mayer said she was "not satisfied" with the way the
company's business has performed of late.
EBay Inc. (EBAY) was down by 22 cents a share at $50.58 ahead of
its second-quarter results, due after the close of trading.
More must-read news from MarketWatch:
Intel's CEO upbeat following earnings results and outlook
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