Semiconductors are riding high on a positive spate of earnings reports, but Intel’s miss on revenue and a weak guidance following the close of Thursday’s session could prop up the Direxion Daily Semiconductor Bear 3X ETF (NYSEArca: SOXS).
Conversely, this could spell bad news for the Direxion Daily Semiconductor Bull 3X ETF (NYSEArca: SOXL), which soared 17 percent. However, that could change in Friday’s session as a result of the latest earnings from Intel.
Intel shares fell as much as 8 percent after the chipmaker reported lower-than-expected revenue for the fiscal fourth quarter. Earnings came in at $1.28 per share as opposed to the. $1.22 per share expected by analysts, according to Refinitiv.
Furthermore, revenue came in at $18.66 billion, falling below the $19.01 billion expected by analysts. Intel is also searching for new leadership after former CEO Brian Krzanich was ousted seven months ago.