MarketWatch First Take: Intel avoids chip swoon — for now

Intel Corp. managed to avoid the swoon in chip stocks on Thursday with far better than expected earnings, but clouds that loom on the horizon tamped down brief euphoria.

After a stream of disappointing earnings or forecasts this week from semiconductor companies like Texas InstrumentsTXN, -0.26%MKS Instruments Inc. MKSI, +3.49% and Advanced Micro Devices Inc. AMD, -15.45% Intel INTC, +4.46% was an unusual ray of sunshine with a big third-quarter beat. Its shares initially jumped but then fell back in after-hours trading, after investors realized its profit margins will take a hit late next year with new technology processes.

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