The price of Intel (INTC) dropped by 3.5% during the regular trading hours on October 31, 2024, which can be attributed to the factors I mentioned earlier: ongoing struggles in the AI sector and challenges in the data center market. However, during the post-market session, the stock price spiked by 6.92%, which can be attributed to the following factors:
- Unconfirmed M&A Chatter: There was unconfirmed chatter about an impending merger and acquisition (M&A) activity involving Intel, which often sparks excitement and drives up the stock price1.
- Earnings Report: Intel's Q3 2024 earnings report was published at the close of markets. The company reported revenues above the midpoint of their guidance, and despite a significant loss due to impairment charges, the report was seen as a positive by some investors. The company also forecasted a higher-than-expected profit for Q4 2024, which could have boosted investor confidence23.
- Stock Market Dynamics: It's also important to consider the broader stock market dynamics. On October 31, 2024, the Nasdaq Composite dropped by 0.2%, and the S&P 500 fell by 0.3%, which could have led to a general sell-off and subsequent rebound in Intel's stock as investors looked for opportunities in undervalued stocks45.
In summary, the spike in Intel's stock price during the post-market session can be attributed to a combination of unconfirmed M&A chatter, positive earnings report, and stock market dynamics.
11/1/2024 02:38am
