The » Fast Money » traders defend their technology picks after big names in the sector reported earnings Thursday that impressed investors
Intel reported earnings at 79 cents per share versus 74 cents expected by Wall Street. Revenue came in at $16.37 billion beating estimates of $15.75 billion, according to Thomson Reuters consensus.
Shares of Intel moved 2 percent higher in after hours trading before paring those gains.
Trader Tim Seymour said, «this company is doing everything they’re suppose to do. » He said the only problem is the chipmaker’s stock valuation at around $38.
Trader Brian Kelly said what’s interesting about the semiconductor giant is its move into the autonomous car space. He said if investors see this as the stock to own in the self-driving car space, he will wait for the stock to breakout above a $39 stock price. The delayed move would ensure that their is momentum the stock that he came benefit from.
Yet, Trader Guy Adami likes Microsoft over Intel. He said Intel’s weak guidance for the first quarter of 2017 is discouraging.
Microsoft beat its earnings estimates and moved up 1 percent in after hours trading.
Trader Dan Nathan said Intel in the mid $30 price range is where he wants to buy the stock, as it continues to participate in mergers and acquisitions to evolve its business.
