Intel shares rise as suitors circle

Intel stocks are higher today, but 2024 was a terrible year for it

Intel Corp (NASDAQ:INTC) is back in the spotlight for another week. The US chipmaker is up 2.3% and trading at $21.84 after Bloomberg reported that the company was investment goal With Apollo Global Management (NYSE: APO)and the asset management giant made a $5 billion offer. But another suitor is lurking; the Wall Street Journal reported over the weekend peer sector Qualcomm Inc (NASDAQ:QCOM) approached Intel about a possible takeover. APO and QCOM were up 0.6% and 0.1%, respectively, this morning.

APO shares last traded at $125.32, down from their July 31 all-time high of $126.45. The stock is up 34.5% in 2024. QCOM shares last traded at $169.43, down 27% from their June 18 all-time high of $230.63.

For those keeping track at home, Intel has lowered its subsidiarieshe received government subsidyIt has cut 15,000 jobs, suspended its dividend, not paid out profits in the second quarter and missed guidance for this year; all since August. The stock has lost 27.3% in the quarter and is down 55.2% year to date.

Today’s gains saw INTC break out of a bear flag formation that began at 26.1% gap after financial results lower on Aug. 2. The entire Wall Street awaits Intel’s results; 30 of 36 brokerages covered by the analysis maintain a “hold” rating for now.

Intel options bulls are coming out of hiding today. Over 124,000 call contracts changed hands in the first hour of trading, with volume more than triple that of puts. The weekly 9/27 23-strike call is the most popular, while there is also selling activity to the open on the Oct. 35 call.