NEW YORK (TheStreet) -- Shares of Altera Corp. (ALTR) are higher by 6.37% to $47.25 in pre-market trading on Monday morning, following a report from the New York Post suggesting that the semiconductor company and Intel (INTC) have renewed discussions regarding a $13 billion buyout of Altera by Intel.
Intel is said to be looking to diversify as its mainstay business is trying to cope with a lack of demand for its personal computers.
"You should not be surprised if a deal comes together quickly," a source told the Post.
Previous talks between the two companies came to nothing and ended in April with Altera supposedly rejecting an offer of $54 per share.
Shares of Intel, a computer and digital technology platform designer and manufacturer, are up by 0.24% to $33.07 in pre-market trading today.
Separately, TheStreet Ratings team rates ALTERA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALTERA CORP (ALTR) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."