NEW YORK ( TheStreet) -- Intel ( INTC) shares moved higher in premarket trading after the chipmaker surged past earnings estimates Tuesday. Shares were up 91 cents, or 3.9% to $24.31 Wednesday a day after Intel reported adjusted earnings of $3.7 billion, or 69 cents a share, for the three months ended Sept. 30 on revenue of $14.3 billion.
CEO Paul Otellini, speaking on the earnings conference call yesterday, showed once again that a trend for many companies -- increasing business in emerging markets -- also was the case for Intel. "While consumer demand in mature markets like Western Europe and North America remained soft, Enterprise PC demand remained strong and consumer demand in emerging markets continued to rise year over year," Otellini said. "China was up 12%, India 21%, Turkey 14% and Indonesia 23%." Jim Cramer wrote on RealMoney that "we have ... a momentum driven market, and Apple ( AAPL) just lost it, and Intel just gained it. I think that Intel could pick up buy recommendation after buy recommendation after buy recommendation. But nothing like that is coming for Apple. So, Apple, amazingly, has become a 'show me' stock. And Intel, after all of these years in the wilderness has now shown me. It's a true role reversal that explains, quintessentially how hard this market really is to navigate." FBR Capital Markets, in maintaining its market perform rating Wednesday, wrote that "Intel's execution is top notch with a robust product roadmap, process leadership, technology leadership (high-K, 3D transistors), and scale advantages." The firm raised its 2011 pro forma EPS estimate from $2.50 to $2.60, from $2.50 to $2.75 for 2012, and lifted its price target from $27 to $29. FBR also assigned "a 10x target P/E multiple (2012), low but fair given current big-tech valuations."