'Fast Money' Recap: Will Intel MoveTech Higher?
Shares of Intel (INTC) traded higher in after-hours trading Tuesday.
The Dow Jones Industrial Average was up 50.34, or 0.60%, to 8,469.11, while the S&P 500 declined 0.89, or 0.10%, to 908.35. The Nasdaq fell 15.32, or 0.88%, to 1,715.92.
Melissa Lee, the moderator of CNBC's "Fast Money" TV show, turned the panel's attention to Intel, which was up on 4% on some optimistic remarks from Paul Otellini, its chief executive officer.Jim Goldman, CNBC's Silicon Valley Bureau chief, said Otellini was positive about the current quarter, noting better-than-expected orders and billing patterns. He said his comments came on a day when an IDC report showed that PC shipments and sales were down quarter over quarter and year over year. Goldman said it will be interesting to see how Otellini's comments will affect other major tech companies in Wednesday's trading session. Pete Najarian wondered whether how the comments would rub off Advanced Micro Devices (AMD), which has seen strong options activity. Tim Seymour, though, was cautious about AMD, saying it has lost a lot of market share to Intel. "It's not close to being a player in this space," he said. Ford (F) joined the parade of companies lining up for secondary offerings. Seymour was optimistic about the offerings, saying companies are going to the market to raise more capital than they thought they could. Najarian said bank stocks like Wells Fargo (WB) have held up because investors have put-protection in place. Lee shifted the conversation to consumer staples. Karen Finerman said she likes this group of stocks because of their attractive valuations. In particular, she likes Kraft (KFT), Clorox (CLX), Procter & Gamble (PG) and Wal-Mart (WMT).
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