Intel Corporation INTC 1.92% is set to release its Q2 earnings report on Wednesday, and owners of semiconductor stocks will be watching closely for an indication of what they can expect from the sector in coming months.

Benzinga compared the market’s reaction to Intel earnings over the past two years to the trading of semiconductor stocks in the quarter that followed to determine if Intel’s earnings are a predictor of things to come for chip makers. Here’s what was found.

Intel Numbers

First, a quick look at the market reactions to Intel’s last eight earnings reports shows that the reports have been a mixed bag for the chip maker. Earnings have certainly served as a catalyst for Intel, but the direction of the stock’s reaction has been unpredictable.

Intel’s stock has climbed five out of eight times on the day following its last eight earnings releases. The stock has jumped an average of 3.15 percent in magnitude on those days, but has produced an overall average return of only 0.89 percent.

Intel As A Bellwether

Semiconductor investors are…

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