Buy The Dip Mentality Reigns Supreme In Intel

Intel Corporation INTC shares are trading higher by $0.38 (1.2 percent) at $31.98 in Wednesday's session. The issue has been all over the map after a Q1 EPS beat of $0.07 with inline revenues. The company offered light guidance.

What may be attracting buyers to the issue is the company's effort to reduce cost by slashing 12,000 jobs.

Related Link: Intel To Cut 12,000 Jobs, 11% Of Its Workforce, In Restructuring Effort

The Street's first reaction to the news was to take the issue immediately down to $30.55, before staging a wicked rebound back into the $31 handle. However, off the open of the regular session, it found support just below the same area of its last three lows ($31.38-$31.40), reaching $31.25 before mounting a major rally.

So far, the rally has reached the $32 handle, with the current high standing at $32.24. That is just shy of a pair of highs from April 11 ($32.34) and April 4 ($32.28).