Updated from 8:32 a.m. EDT
was up 1.6% in midomorning and was buoying many chip stocks.
After the close Tuesday, Intel posted third-quarter revenue of $6.5 billion, down 25% from a year ago. Earnings before acquisition-related charges fell 77%, to 10 cents a share, from 41 cents a year earlier. Both figures were in line with estimates compiled by Thomson Financial/First Call.
Intel also forecast fourth-quarter revenue of $6.2 billion to $6.8 billion, matching earlier guidance. The company said fourth-quarter gross margin would inch up to 47% from 46% in the third. Those figures roughly match Wall Street's estimates.
Other semiconductor stocks were also trading higher. Texas Instruments (TXN) - Get Report was up 1.1% Advanced Micro Devices (AMD) - Get Report, which is due to report earnings after the close, was up 1.7%.
, however, was down 12.7%, turning lower after rising preopen.
Rambus late Tuesday posted earnings of 6 cents per share excluding items, down from the year-ago 49 cents but ahead of the Street's consensus of 4 cents. The company also authorized the repurchase of up to 5 million shares.
But this morning, the stock was downgraded by analysts at Morgan Stanley and J.P. Morgan.