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Reductio Ad Absurdum
by Alex King
I'll be straight with you. I haven't listened to the INTC earnings call, nor do I plan to. (I'll let you into a secret - I never listen to any earnings calls. What's the point? It's just theater and misdirect). I don't know what anyone on FinTwit or CNBC or anywhere else is saying about it. What I know is this:
The stock is down 10% or so on the print
The numbers show continued improvement in fundamentals (growth up, gross margins up, EBITDA margins up, leverage down - cashflow margins are a touch worse but not enough to worry about)
We're in a bull market
Intel looks to be about halfway up its medium-term bull run on the chart
Numbers, valuation and chart follow.
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