NEW YORK (TheStreet) -- Shares of Intel Corp. (INTC) closed higher by 2.15% at $37.02 after achieving a mobile milestone when Lenovo Group (LNVGY) selected its chips to handle two key functions in a mid-range smartphone that will be sold online in Lenovo's home market, the Wall Street Journal reports.
Lenovo's new phone includes an Intel Atom processor for calculating chores, a product Intel has been selling to compete with companies that make chips based on ARM Holdings (ARMH) technology, the Journal said.
Lenovo also chose a separate Intel cellular modem chip based on the technology known as LTE-Advanced.
QUALCOMM (QCOM) has maintained a near monopoly on all variants of LTE, which stands for long-term evolution, the Journal noted.
Intel, which entered the business by buying Infineon Technologies's (IFNNY) wireless operations in 2011, says it is determined to remain in the cellular modem fight and provide customers a choice of LTE suppliers, the Journal added.
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."