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The Dow Now: Intel Jumps on Hopes of Becoming New Apple Chip Supplier


Boeing and Caterpillar were up on the day.

MINYANVILLE ORIGINAL US equities rose in mid-Tuesday trading on solid earnings from big companies such as UnitedHealth Group (NYSE:UNH) and Johnson & Johnson (NYSE:JNJ). A 0.4% rebound in US industrial output in September also helped boost stocks.

"We're continuing to watch the earnings reports come out; we know that the global economy has slowed over the course of the third quarter, and investors are trying to determine how much negative impact we had on corporate earnings," Alan Gayle, senior investment strategist at RidgeWorth Investments, told TheStreet.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.90% to 13,545.25 points as of 11:58 a.m. EDT.

Ahead of its earnings release after the close, Intel (NASDAQ:INTC) jumped 2.29% to $22.23. Investors are now speculating that Apple (NASDAQ:AAPL) might turn to either Intel or TSMC to manufacture its chips after Williams Financial analyst Cody Acree told MarketWatch that there was "more talk of Apple moving away from Samsung (PINK:SSNLF) as a foundry."

Caterpillar (NYSE:CAT) was also up 2.05% to $84.51. The stock will trade ex-dividend on Oct 18 for its quarterly dividend of $0.52, which is payable on 11/20/12.

On an overall bullish day for aerospace companies, Boeing (NYSE:BA) moved up 1.80% to $73.55 while United Technologies (NYSE:UTX) also gained 1.76% to $77.49.

Only three of the 30 Dow components were in the red today. Leading decliners was Coca-Cola (NYSE:KO), which slid 0.46% to $37.96. Excluding one-time items, the world's largest beverage maker reported fiscal third quarter earnings per share of $0.51, which met analysts' expectation. Revenue, however, fell shy of Wall Street's expectations, as Coca-Cola was hit by unfavorable currency exchange rates and the pressure to keep prices in parts of Europe and Asia low.

Twitter: @sterlingwong
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