Intel's Beat & Raise (INTC, AMD, MSFT, SMH)

Intel Corporation (NASDAQ: INTC) had a great day ahead of its earnings report today based upon expectations that it would beat earnings and raise guidance.  The processor and chip giant just proved the sentiment correct reporting earnings of $0.40 non-GAAP EPS and revenues of $10.57, while Thomson Reuters had estimates of $0.30 EPS and $10.17 billion in revenues.  The company’s gross margin came in at whopping 65% for the quarter, a signal all is firing far better than what had been seen during the dog days a year ago.  The company gave guidance of $9.3 to $10.1 billion in revenues.  Thomson Reuters has estimates of $0.34 EPS and $9.35 billion. The company sees margins next quarter in a range of 58% to 64%.

There is one issue to consider for this last quarter, and that is that the effective tax rate was 12%.  Intel put its cap-ex budget for 2010 at $11.7 to $11.9 billion and sees an effective tax rate of 30%.

Intel closed up 2.5% at $21.48 and it had put in a 52-week high of $21.55 today.  Shares are up just over 2% in the after-hours session at $21.92, so if this holds up in the morning we’ll have yet another 52-week high.

Here is the major impact seen in other stocks, but this is just the after-hours reaction rather than the move today during normal trading hours:

• Advanced Micro Devices Inc. (NYSE: AMD) is up 2% at $9.18
• Microsoft Corporation (NASDAQ: MSFT) is up 0.8% at $31.22
• Semiconductor HOLDRs (NYSE: SMH) is up 1% $28.10

JON C. OGG