Intel Corp. (NASDAQ: INTC) has raised its outlook for Q3 revenue on Friday, citing stronger-than-expected demand for its microprocessors and chipsets. This news sent its shares up by more than 2 percent. Intel now sees Q3 revenue ranging from $8.8 billion to $9.2 billion. – Reuters
Marvell Technology Group Ltd. (NASDAQ: MRVL) reported lower Q2 profit, as the company reeled from a big drop in sales as the chip industry struggled through the technology downturn. However, the company issued a better-than-expected sales forecast and shares leaped more than 6% in after-hours trading. –Marketwatch
Consumer spending in the U.S. rose last month in July as households took advantage of the government’s “cash for clunkers” program to buy new cars. The 0.2 percent gain in purchases was in line with forecasts and followed a 0.6 percent increase in June, the Commerce Department said today in Washington. Incomes remain unchanged, causing the savings rate to decrease. –Bloomberg
Crude-oil futures inched higher Friday on additional signs that the U.S. and European economies are pulling out of their slumps. Light, sweet crude for October delivery recently traded 64 cents, or 0.9%, higher at $73.13 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 65 cents, or 0.9%, higher at $73.16 a barrel. –Wall Street Journal
J. Crew (NYSE: JCG) upgraded at Citigroup (NYSE:C). As mentioned earlier, Citigroup upgraded J Crew to Buy from Hold. The firm cites the stabilizing retail environment, easier comps, improving product, and inventory discipline for the upgrade. Target to $40 from $24. –The Fly on the Wall
-Jutia Group
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