Elroy,
I agree with you, this sure does have the feel of a short covering rally tomorrow.
Shorts were expecting worsening conditions and clearly there was no such indication in the earnings release.
If I were short (I hold no position in INTC), I'd be covering tomorrow. As of the June reading, there were 33.9 million shares short interest -- that's a sizeable day's volume for INTC.
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INTC Short Interest Data
Month Shares Short Avg Daily Volume Ratio
06/98 33,892,855 16,337,257 2.07 ÿ
05/98 24,967,168 15,127,219 1.65 ÿ
04/98 24,620,397 16,182,730 1.52 ÿ
03/98 29,078,538 22,974,566 1.27 ÿ
02/98 46,044,805 15,699,908 2.93 ÿ
01/98 35,501,390 17,005,239 2.09
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