Late in the day, Intel’s (INTC) CEO said that the company was cutting its way through the recession like a hot knife through butter. The stock promptly jumped and ended the day up over 4% to $20.62, still fairly near its 52-week low.
According to Bloomberg, “Seventy-five percent of our sales are not in the U.S. and global business seems very strong still,” Otellini said in an interview at Allen & Co.’s media conference in Sun Valley, Idaho. “There may be some patterns in the U.S. that may be concerning to some people, but we haven’t seen them at this point.”
Since no one else thought the business was doing this well, Otellini better not be fooling around.
Douglas A. McIntyre
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