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Intel shares hit decade high on strong revenue forecast


(Reuters) – Intel Corps shares rose as much as 7 percent to a decade-high, after the worlds largest chipmaker forecast quarterly revenue above analysts estimates on demand from companies looking to replace old PCs. The broker actions came after Intel forecast on Tuesday third-quarter revenue above the average analyst estimate. Chief Financial Officer Stacy Smith told Reuters that PC sales had stabilized, easing fears about the four-year decline in computer sales as consumers turn increasingly to tablets and smartphones. Intel also raised its share buyback program by $20 billion.

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