NEW YORK (TheStreet) --Intel Corp. (INTC) announced a multiyear research and development deal with Luxottica Group (LUX) to create a line of eyewear that fuses "premium, luxury, and sports eyewear with smart technology."
Intel said it is joining with Luxottica, an Italy-based eyewear company known for its popular Oakley and Ray-Ban lines, in order to "push the boundaries of research and development to anticipate what smart technology for eyewear will look like in the future."
The first "smart eyewear" device from Intel and Luxottica is scheduled to launch in 2015.
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"Through our collaboration with Luxottica Group, we will unite our respective ecosystems and bring together Intel's leading-edge silicon and software technology with Luxottica's design innovation and consumer expertise. We expect the combination of our expertise to help drive a much faster pace of innovation and push the envelope of what's possible," Intel CEO Brian Krzanich said in a statement.
Shares of Intel are up 0.27% to $37.70 in mid-morning trading on Wednesday.
Separately, TheStreet Ratings team rates INTEL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEL CORP (INTC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."