Qualcomm has approached Intel about a takeover in recent days

Shares of Intel are trading up 5.82% after reports from the WSJ that Qualcomm approached the company about a takeover in recent days.

The shares of Intel are down in 2024 from an end of year closing level of $50.25. The current price is up $1.23 or 5.82% at $22.37 in volatile trading . The low for the year reached $18.51 on September 10.

With Berkshire ridding itself of some of the Apple position and Bank of America and raising cash, would that be an idea too?

I am just thinking out loud. That is not substantiated but it might be interested in if they like the management and the plan.

Technically, the price is back above what was a ceiling at $22.00 again. Earlier this week the price moved higher on the back of Intel’s plans for the foundry (separate from the Intel proprietary chips), plans for infrastructure spending outside the US (put on hold over the near term), and expecations for a slashing of jobs. The stock reached a high of $22.58.

There is room to roam but it has to hold support as this stock has been sold consistently on bounces and there is so much work to do, to give the buyers some confidence.

This article was written by Greg Michalowski at www.forexlive.com.