Intel Corporation (NASDAQ:INTC) had a pretty good beginning of the week, gaining around 4% to about $25.20, being at the same time one of the leaders in terms of trading volume. During the first half of the day, the trading volume of Intel, which amounts to about $40 million, placed the stock on the second place, and it is outrun only by Bank of America Corp (NYSE:BAC).
The growth of Intel’s stock comes amid some good news for the company. Most recently, on Monday morning, FBR Capital Markets issued a report in which the analyst Christopher Rolland raised Intel Corporation (NASDAQ:INTC)’s rating to “Outperform”, from the previous “Market Perform”, and increased the target price to $28, according to Benzinga. ““On the eve of Computex and the public debut for ‘Haswell,’ we acknowledge the challenges ahead for Intel in the PC market, but now believe the company has added more than enough new avenues of growth to replace lost PC units,” Benzinga quoted FBR Capital Markets.
A success in mobile market
Another positive sign for Intel came from Samsung which said today that a new Android tablet will use processors build by Intel Corporation (NASDAQ:INTC), according to Reuters. This is certainly a win for Intel, for the mobile industry is growing rapidly and Intel has been attempting to find a spot in this area. The deal with Samsung can really help Intel to come closer to conquering the mobile market and repair some damage caused by the decline in the PC market.
Intel and the smart money
Intel is appreciated in the investment world. According to Insider Monkey’s database, over 45 hedge funds were invested in Intel Corporation (NASDAQ:INTC) at the end of last year. We can mention Renaissance Technologies managed by Jim Simons, Ken Fisher’s Fisher Asset Management, and Donald Yacktman’s Yacktman Asset Management. As at the end of the first quarter of 2013, Fisher Asset Management reported ownership of about 18.5 million shares, valued at $404.6 million. Renaissance Technologies and Yacktman Asset Management disclosed holdings worth $365.7 million and $57.8 million respectively. The amount of shares held by Fisher’s and Yacktman’s funds in Intel amounts to 16.7 million and 2.6 million respectively.
Intel Corporation (NASDAQ:INTC) is a stock worth observing and the recent news confirms it. Keep in touch, and we will keep you updated about the latest moves surrounding the company.