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[Music] buy stock is Intel having its best day since March of 2020 up about lets see thats ten and a half percent and that says the chipmaker beat on third quarter profits EPS coming in at 59 cents versus estimates of 33 cents but it was a slight Miss on Revenue even worse the company really turned heads after slashing its profits and sales forecasts for the quarter and for the year far below that which was a forecast on the street nevertheless you see its green there as our all chip stocks basically shareholders seem to like the aggressive cost-cutting measures three billion dollars in Cuts scheduled for 2023 alone and uh CEO Pat gelsingerco he has in store more to manage the cyclical downturn in semiconductors on this note Jeffries is commenting quote Intels cost cutting plan not only has the potential to drive a dollar fifty to the bottom line but also shift the company culture to a leaner more efficient mindset and Jeffries by the way has a hold rating on the stock with a 28 do
