Intel stock gets lift from CEO change

Intel (INTC.US) stock surged 10% to a six-month high after the chipmaker confirmed that is replacing fiscally minded Chief Executive Bob Swan with a technology-focused leader in current VMware (VMW.US) CEO Pat Gelsinger. Swan will fulfill his CEO duties by mid-February. Intel said that the announcement is unrelated to its financial performance and that the company expects to exceed its fourth-quarter revenue and earnings guidance. Intel also informed about major progress on its 7-nanometer process technology and will provide more details on Jan. 21 together with its fourth-quarter results.

Intel (INTC.US) launched today's session with a massive bullish price gap, however buyers failed to uphold momentum and price pulled back from the $60.00 resistance level and is approaching local support at $ 55.75. Source: xStation5

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