Intel Stock Dips Ahead of Crucial Earnings Report

Semiconductor stock Intel Corp (NASDAQ:INTC) is succumbing to sector headwinds as the company gears up for its third-quarter earnings report, due out after the close tomorrow, Oct. 23. The shares were last seen down 4.7% at $36.34, as U.S.-China trade headwinds and a disappointing earnings report from peer Texas Instruments (TXN) weigh on tech. 

Intel has made several big moves in recent months, including a partnership with Nvidia (NVDA), with investors closely watching CEO Lip-Bu Tan's turnaround efforts. As for tomorrow's results, Wall Street expects profits of 2 cents per share on revenue of $13.4 billion. 

On the charts, Intel's wheeling and dealing has the stock up 26.6% in just the last month, hitting an Oct. 10, 52-week high of $39.65. Though the equity has stalled at the $38 region, the 20-day moving average appears to have moved in as potential support. Year to date, INTC is up 81.3%. 

Options traders are pricing in a 14.5% move, regardless of direction, for Friday's post-earnings session, which is slightly larger than the 10.3% swing the stock has averaged over the last two years. INTC finished lower after its last three quarterly reports, including an 8.5% drop in July. If the equity closes negative after this week's results, it will be the chip name's seventh post-earnings loss in eight quarters. 

Should the stock finish higher, however, it could be in for some upgrades, as analysts have been holding out. Of the 41 brokerages in coverage, 39 carry a "hold" or worse rating.