Intel's shares shot up more than 4 percent today on news that the chip firm's global business is still very strong:
Intel Corp. Chief Executive Officer Paul Otellini said the chipmaker isn't suffering from a slowing U.S. economy and demand overseas remains steady.
``Seventy-five percent of our sales are not in the U.S. and global business seems very strong still,'' Otellini said in an interview at Allen & Co.'s media conference in Sun Valley, Idaho. ``There may be some patterns in the U.S. that may be concerning to some people, but we haven't seen them at this point.''
Intel, the world's largest chipmaker, is still getting orders from retailers and makers of consumer, business and server computers, Otellini said, speaking ahead of the company's July 15 second-quarter earnings report. His comments contrast with reports from analysts such as Merrill Lynch & Co.'s Srini Pajjuri. He said yesterday that demand for Intel's chips may ebb in the second half as consumer shopping slows worldwide.