Intel Corp. (Intel (INTC)) shares took another hit Wednesday, falling more than 2% in premarket trading as investors continued to pull back from technology stocks amid a broader risk-off environment.
The stock had already plunged 9.66% in Tuesday's regular session, and the selling extended before the opening bell. Nasdaq futures were down 0.92%, while S&P 500 futures slipped 0.67%, adding pressure across semiconductor stocks.
After a strong 12-month rally, some profit-taking is likely underway as markets turn more cautious. High-beta tech stocks tend to feel the heat when index futures point lower, and Intel is no exception.
Technical Picture Turns Mixed
Despite the recent pullback, Intel remains in a solid long-term uptrend. The stock still trades 31% above its 100-day simple moving average and a whopping 77.2% above its 200-day SMA. The golden cross that formed back in August 2025 continues to support the longer-term trend.
But the near-term picture is less rosy. Intel is now trading 12.6% below its 20-day SMA and 6% below its 50-day SMA, suggesting short-term momentum has faded. The moving average convergence/divergence (MACD) indicator remains below its signal line, with a negative histogram—a classic sign that bullish momentum is weakening until buyers step back in.
Key resistance sits near $126.50, while support is around $102.50.
Earnings and Analyst Outlook
Intel is set to report second-quarter results on July 23. Wall Street expects earnings of $0.19 per share, a nice turnaround from the $0.10 loss a year earlier. Revenue is projected to rise to $14.40 billion from $12.86 billion.
Analysts are mostly sitting on the fence with a consensus Hold rating and an average price target of $88.63. But recent moves from a few big banks stand out:
- Cantor Fitzgerald: Neutral; raised its price target to $150 on June 29.
- Goldman Sachs: Initiated coverage with a Neutral rating and a $150 target on June 25.
- Bank of America: Reiterated Buy and raised its target to $160 on June 23.
So while the consensus is cautious, some analysts see significant upside if Intel can deliver.
INTC Stock Price Activity: Intel shares were down 2.26% at $107.90 during premarket trading Wednesday, according to market data.
