Intel Downgrade Causes Selloff, Jack Cries Wolf
Since Jack was discussing Intel INTC stock on his blog yesterday twice, I figured I would post up a chart so readers could see the damage Bank of America caused the chip giant.
According to Jack the Bank of America downgrade is laughable, they simply want shares for themselves though selfish “son of a Bs”!
Click to view, click again to zoom
Intel stock gapped down $1.31 to finish the day at $25.35 on pretty heavy volume (130% its average). This close puts INTC back below its 50 day moving average.
I have yet to see Jack wrong on one of these kinds of calls so I am going to go ahead and say Intel is undervalued. Technically speaking though that sell off is pretty ugly looking.
More on this topic
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Intel's Pains Continue
(Zero Hedge, 4/14/09)
Lenny Dykstra Gets Lucky With Intel
(LongShortTrader, 4/15/09)
Intel and Wal-Mart Offer a Dismal View of Economy’s Future
(Money Morning, 4/15/09)
sIck!
I like Jack’s view on this call. INTC selloff overdone. I just picked up some of the Feb 27.50 calls on the cheap.
Blain, couldn’t agree with you and Jack more. Intel is ridiculously undervalued at these prices. I’ve been accumulating the last few days. I guess we’ll all have to be patient while we wait this out.