
Intel (INTC) Stock Up on Potential Apple Chip Order
NEW YORK (TheStreet) -- Intel (INTC) - Get Report stock is increasing by 0.41% to $32.07 on heavy trading volume on Friday afternoon, following reports that Apple (AAPL) choose to use modem chips from Intel instead of Qualcomm (QCOM) for the next iPhone, according to Bloomberg.
Shares of Qualcomm are declining by 2.13% to $53.81 this afternoon.
Apple will use Intel's modem chips on iPhone programed for the AT&T (T) network in the U.S., as well as some international versions, sources told Bloomberg.
The smartphones meant for use on Verizon Communication's (VZ) and iPhones sold in China will still use Qualcomm chips.
AT&T is expected to sell about 22 million iPhones this year and about 23 million next year, while Verizon is expected to sell 21 million in 2016 and 22 million in 2017, BTIG analysts Walt Piecyk told Bloomberg.
Apple's next smartphone, the iPhone 7, is expected to be announced this fall.
So far today, 26.03 million shares of Intel have been traded, compared with its average daily volume of 21.52 million shares.
Separately, Intel has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, increase in net income and growth in earnings per share.
You can view the full analysis from the report here: INTC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.










