Intel stock up on good sales
Intel stock jumps 6 percent after analysts raised its earnings estimate and the firm reported robust sales.
Intel closed at 136-7/8 a share, up 7-3/4 per share from yesterday.
Merrill Lynch analyst Thomas Kurlak raised his fourth-quarter earnings estimate to $1.83 a share, up from $1.78. Bear Stearns analyst Andrew Neff reiterated his "buy" recommendation for the stock.
Analayst Jim Poyner at Oppenheimer & Company increased his earnings eastimate to $8.30 a share for all of 1997, up from $7.85 a share. And Prudential Securities raised its 1997 earnings estimate to $8.85 a share from $7.40 a share.
Intel, meanwhile, said today that its chip factories were operating at full capacity, indicating robust sales for the chip giant.
"My factories are full. We are running pedal to the metal right now. That presumably means sales are pretty robust," said Gerhard Parker, executive vice president and general manager of Intel's technology and manufacturing group, during told investors at a Montgomery Securities conference here.
Parker said Intel was out of production capacity. He added that the conmpany hopes to squeeze out an additional ten percent of production from existing fabrication plants next year.
Intel is an investor in CNET: The Computer Network.
Reuters contributed to this report.