AAPL Up 3% on Intel-Led Tech Rally

by , 11:30 AM EDT, April 16th, 2008

Shares in Apple Inc. traded 3.06% higher during the morning trading session Wednesday. AAPL was trading at $152.92 per share, a gain of $4.54 in the midst of a tech rally led by an upbeat earnings report and guidance from Apple's chip supplier, Intel.

Intel posted a record first quarter for the March quarter, with revenue of $9.7 billion, profits of $1.4 billion, and earnings per share of $.25, despite a restructuring charge of $.04 per share. While the markets received this news with open arms, it was the guidance that Intel provided that set in motion today's tech rally.

Intel said Tuesday it would report revenue for the second quarter between $9 billion and $9.6 billion, slightly ahead of consensus estimates of $9.2 billion. That optimism, as slight as it may seem, was latched onto by investors in hope that the U.S. economy isn't as dodgy as has been otherwise feared.

Apple reports earnings on Wednesday, April 23rd.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.  

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