Is Intel One of Several Semiconductor Stocks Ready to Blast Higher?

Intel (INTC) and Micron (MU) were in the news on Wednesday, as semiconductor stocks surged higher.

• Intel saw a huge increase in call option volume at the 32.00 and 32.50 strikes. Open interest (OI) remains elevated.
• Micron saw an increase in May at the 70.00 strike volume.

Semiconductor Stocks

The major U.S. Indices rose to session highs by the Wednesday close. The big cap S&P500 SPDR ETF (SPY) rose 1% as stocks held firm into the close.

Intel (INTC) was the clear leader among blue chips. Volume increased surging +64% above average. Shares of Intel rose above their 200-day moving average for the first time since March 2022

Intel 2024 earnings are slated to surge markedly from current levels. That alone should assist investor interest in the months to come.

The company’s IBD SmartSelect Composite Rating rose to a new high of 62. We’d like to see that number rise to 90 or better in the coming months.

Additional movers are highlighted as well, with Microsoft (MSFT) is back in a buy zone above a 276.86 entry. Apple (AAPL) is building a long base but is testing resistance “call walls” around 160.00 and 162.50.