The chipmaker said sales in personal computers were better than expected, causing more demand for its chips. Yes, that's right – reports of the PC's demise have been greatly exaggerated and Intel is benefitting from it. Intel's stock closed 6.8 percent higher on Friday.
(Read: Wall St edges up as Intel leads gains in tech)
"Old technology stocks like Intel, Microsoft, Oracle and Hewlett Packard have really been one of the brightest spots of the market through the first six months," said Richard Ross, global technical strategist at Auerbach Grayson. "Even the SOXX – the semiconductor index – [is] up 17 percent versus the 3 percent rise in the NASDAQ Composite."
Looking at Intel's year-to-date chart, Ross sees a breakout from an ascending triangle. "I don't like to chase stocks," said Ross, a "Talking Numbers" contributor. "The horse has really left the barn in the short term."
But, the long-term chart makes the case for further upside, said Ross. He sees the stock as having formed a base of support over the last several years. The next level of resistance is around $35 per share, the level of a double top from the last decade.
"If over time we can surmount that key level, there could be measured upside to as high as $46," Ross said. "It's not going to happen overnight. But given time, this stock could make its way back."
Erin Gibbs, equity chief investment officer at S&P Capital IQ, says this is one instance where the fundamentals and the technicals are aligned. Gibbs notes her firm "significantly" added Intel to several of their advised portfolios back in December. She is responsible for all of her firm's equity products, which includes over $10 billion in assets under advisory.
"Obviously, at almost $30, I don't find it quite as attractive as when I found it at $24," Gibbs said. "But, we still see this stock as having great long-term potential."
Gibbs particularly likes Intel's 3.3 percent dividend yield, which is higher than the S&P 500's. Yet the market has been concerned as to whether Intel can grow in the mobile space. She thinks it can.
(Watch: Intel demand sustainable?)
"We see a couple new chips that really offer that significance," Gibbs said. "But in the interim, as they are changing their product line, this company returns value to investors. So we like this company for many reasons. "
To see the full discussion on Intel, with Ross on the technicals and Gibbs on the fundamentals, watch the above "Street Signs" video.
[Disclosures: Intel (INTC) is a position in one or more of SPIAS model portfolios advised by Erin Gibbs. S&P Capital IQ and/or one of its affiliates has performed services for, and received compensation from (INTC) companies for which it performed services or received compensation during the past 12 months. ]