Intel Corp (NASDAQ:INTC) stock is powering the tech resurgence today, last seen 6.2% to trade at $46.85. The chipmaker agreed to repurchase 49% of equity interest from Apollo's Global Management's (APO) stake in the company's Fab 34 Ireland venture. By spending $14.2 billion, Intel now regains full ownership of the factory, with profit expecting to kick in by 2027.
Intel stock -- technically an underperformer in April, historically -- is now 27.4% higher on the year and 113% in the last 12 months. The shares have spent the last month or so consolidating around $45, but their 126-day moving average contained the sharper pullbacks.
A shift in analyst sentiment could help INTC reclaim its Jan. 22 multi-year high of $54.60. Of the 45 brokerages covering the equity, 39 maintain "hold" or worse ratings, while the consensus 12-month price target of $46.07 is now a 3.2% deficit from its current perch.
Despite calls ruling puts on an absolute basis, the rate of put buying has picked up. INTC's 10-day put/call volume ratio of 0.79 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 95% of readings from the past year.
Today, calls reign. In just the first hour of trading, 130,000 calls have changed hands, volume that's double the average intraday amount. However, the weekly 4/2 46-strike put is the most popular, with new positions being bought to open.
