Intel Corporation (INTC  ) shares are in the spotlight Thursday, with earnings on deck, third-quarter guidance and supply in focus, recent analyst activity and a technical setup showing a pullback all drawing attention.

Earnings Preview and History

Intel is scheduled to report third-quarter earnings on Oct. 29 after the market closes. Analysts estimate earnings per share of 39 cents along with revenue of $16.45 billion. For the prior quarter, Intel reported earnings per share of 42 cents, beating the consensus estimate of 21 cents. The company also posted revenue of $16.13 billion, beating the consensus estimate of $14.42 billion.

What to Watch: Supply, Foundry Growth and Capital Spending

Investors will be closely tracking Intel's third-quarter guidance. It called for revenue of $15.8 billion to $16.8 billion, adjusted earnings per share of 38 cents and a gross margin of 42% at the midpoint, after a second quarter that beat its own guidance by $1.8 billion in revenue and about 280 basis points in gross margin. Supply will also be in focus. Management said demand continues to outpace supply, that supply growth would skew toward the end of the third quarter and into the fourth, especially for servers, and that PC demand would likely stay soft amid memory constraints.

Intel Foundry will draw attention as well, after 18A output ran about 25% above target and external foundry revenue was $293 million, along with 14A, which Intel said is ahead of plan for risk production in the second half of 2027. Capital spending will be watched, since Intel raised its 2026 and 2027 capex guidance in July.

Analyst Consensus & Recent Actions

The stock carries a Hold rating with an average price forecast of $113.69. Recent analyst moves include:

  • Susquehanna: Neutral (Lowers Target to $105.00) (Oct. 21)
  • TD Cowen: Hold (Lowers Target to $95.00) (Oct. 19)
  • JP Morgan: Upgraded to Neutral (Maintains Target to $85.00) (Oct. 19)
Intel Trades 17.8% Below Its 20-Day Average but Holds Above Its 200-Day

From a trend perspective, Intel is still holding above its 200-day SMA ($85.36), but it's trading 17.8% below its 20-day SMA ($107.98) and 13.6% below its 50-day SMA ($102.77), which frames the current pullback as a short-term downshift inside a bigger 12-month uptrend. That gap versus the shorter averages often signals the stock is in "mean-reversion territory," where rallies can run into overhead supply near those moving averages.

Momentum is leaning on MACD as the cleaner read right now: MACD is below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing unless buyers can reclaim that baseline. Simply put, MACD compares two trend speeds, and being below the signal line suggests the recent downtrend is still in control.Key levels are tight: the stock is hovering close enough to long-term trend support that a clean hold can stabilize the chart, while a break can invite faster selling as stops trigger.

  • Key Support: $85.00 - a nearby level where buyers previously stepped in, sitting close to the 200-day moving-average area ($85.36)

Intel Shares Trade LowerINTC Price Action: At the time of publication, Intel shares are trading 5.09% higher at $88.23, according to data from Benzinga Pro.