Intel stock set to snap 9-quarter streak of post-earnings declines

Finally, investors are happy with what Intel Corp.’s
INTC,
+10.66%
earnings report. The semiconductor maker’s stock rallied 7.4% to pace the Dow Jones Industrial Average’s
DJIA,
+2.59%
premarket gainers, after the company reported late Thursday third-quarter profit and revenue that beat expectations and announced plans for layoffs. That would snap a nine-quarter streak in which the stock fell the day after earnings were reported; the last time the stock rose after earnings was after first-quarter results of 2020. During the nine-quarter post-earnings lost streak, the stock had dropped by an average of 9.0%, according to FactSet data. The stock was on track for the best post-earnings performance since it rose 8.1% after fourth-quarter 2019 results.