Intel (NASDAQ:INTC) kicked off the earnings season for chip stocks late yesterday.
Intel had lowered its third quarter guidance several weeks ago ñ along with several other semiconductor companies - but still beat analyst expectations.
Profits rose to $3.47 billion, or $0.65 per share, from $2.86 billion, or $0.52 per share, in last year's third quarter.
Revenue rose nearly 30%, to $14.2 billion.
Intel's revenue forecast for the fourth quarter is ahead of expectations as well, in a range of $14.2 billion to $15.2 billion.
Shares are trading up over 3.2% Wednesday.
The Semiconductor HOLDRS (AMEX:SMH) ETF, in which Intel is 23% of the portfolio, is trading down about .3% Wednesday.
Other top holdings in the fund include Texas Instruments (NASDAQ:TXN), Applied Materials (NASDAQ:AMAT), Analog Devices (NASDAQ:ADI) and Altera (NASDAQ:ALTR).
The Proshares Ultra Semiconductors (AMEX:USD) fund is trading up over .6%, while the iShares PHLX Sox Semiconductor Index Fund (NASDAQ:SOXX) trades down over .5%.
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