Report Timing:  Beyond the actual findings in each Quarterly Report (10-Q) and Yearly Report (10-K) it is important to know when your stock reports by checking their reporting history.  We looked at the SEC filing dates in the past for Intel, and found.  You should record this in your workbook to prepare for what you think your company is going to report.
                                                                  [link to this information - here >]

10-K - 1st Quarter Earnings Report Findings:  Intel reported a record 1st Quarter, as follows:

• Revenue $10.3 Billion

• Gross Margin 63%

• Operating Income $3.4 Billion

• Net Income $2.4 Billion

• Earnings Per Share (EPS) $0.43 Cents
        [Summary taken from 8-K, Exhibit 99.1, submitted 4/13/10 - link here >]
  

Okay, but what did the analysts think?:  Intel reported a record 1st Quarter, as follows:

• To find out, we simply went to Google, clicked on the News link at the top, then searched for "Intel 1Q" - link here >

• Generally, we believe that The Wall Street Journal and the AP and Reuters are reliable to report objectively, without their opinions injected.

• Here's what we found, checking these news sites (again, searching "Intel 1Q"):

  • Wall Street Journal:  "The company said revenue rose 44% from last year's dismal first quarter. But perhaps more impressive was the chip maker's sales of chips for PCs, which remained flat with the last quarter of 2009. Traditionally, sales fall off in the first quarter following the holiday shopping season."

  • Associated Press (AP):  "Intel Corp. executives say the chip maker's first-quarter results revealed a surprising and encouraging trend: Companies are finally starting to upgrade their workers' laptops.   That's important because corporate spending on personal computers has been one of the last parts of the technology world to thaw out as companies unlock budgets frozen during the recession.   Intel became the first major technology company to report earnings for the first quarter when it said after the market closed Tuesday that it earned $2.4 billion, or 43 cents per share, in the first three months of 2009.  Analysts polled by Thomson Reuters were expecting profit of 38 cents per share."

    • Ahh, we found out that Intel beat analysts' estimates by $0.05 cents, according to the Thomson Reuters poll.

  • Reuters:  "Intel Corp's sales and margin forecasts trounced Wall Street expectations
    and the stellar showing from the world's top chip maker, an industry bellwether
    and among the first tech stocks to report first-quarter earnings, lifted Asian
    tech shares."

• These reports are important, because the big money managers - the funds that can drive the stock up or down - read these articles also.  You need to have as much perspective as possible about how the Quarterly Earnings (10-Q) was interpreted.  The news articles provide analysts reactions, in that additional perspective.

• And, of course, if you are able to watch CNBC, or another business channel, on the day of the earnings announcement, you will benefit from their commentary on what your company reported, and what the general analysts' expectations were, and if the company disappointed or surprised to the upside.
  

CHANGES:  In the image and link above, since 3/19/09, there were 31 forms submitted to the SEC. In addition to the three 10-Qs and the one 2009 10-K submitted, there were 27 Form 8-Ks filed by Intel.  Again, these are all about notifying the SEC of "changes" at the company.  Here's what we found that stood out:

• 14-Apr-2010:  CFO Commentary on Intel's 1st Quarter, 2010 Results - We found this out by going directly to the referenced Exhibit indicated in the summary.  Basically, the CFO provides a topline summary of the 1st Quarter earnings results, but also indicates the 2nd Quarter official "Outlook" for earnings.  We thought it was interesting to note their statement:

  "The Outlook for the second quarter does not include the gain expected from the sale of our investment in Numonyx, nor does it include the effect of any other acquisitions, divestitures or similar transactions that may be completed after April 12th."

  • Depending on the size of Intel's return from investing in Numonyx (whatever that is), this could create an upside surprise in earnings.  So that gives us a follow-up item to investigate further.  Given its unique name, we would start with a Google search and read on from there.    [link to this information - here >]

• 12-Nov-2009:   This is when Intel announced its agreement to settle its outstanding disputes with AMD, and that it would be paying AMD $1.25 billion to settle and drop all pending litigation against Intel.  When you click on SUMMARY, you see the following:

  • Entry into a Material Definitive Agreement, Regulation FD Disclosure

    "On November 11, 2009, Intel Corporation (Intel) and Advanced Micro Devices, Inc. (AMD) entered into a comprehensive agreement to end all outstanding litigation between the parties, including antitrust litigation and patent cross license disputes (the "Settlement Agreement"). Intel agreed to pay $1.25 billion to AMD as consideration for the settlement within thirty days."

                                                                      [link to this information - here >]
    

• Most of the other 8-Ks submitted were notifications of changes in members of the board of directors for Intel, or further quarterly summary notices from the CFO, etc.