Shares of Intel INTC jumped as high as 2.7% on Tuesday to help buck a rather negative trend that has persisted since former CEO Brian Krzanich was forced out back in June. The question is what had investors excited about Intel? Plus, we will take a look to see if INTC stock is worth buying at the moment (hint: It might be just because it looks so cheap).Overview With no major news to speak of, let’s do a quick overview of Intel at the moment. The company saw its adjusted second-quarter earnings skyrocket 44% to reach $1.04 per share at the end of July. Meanwhile, INTC’s revenues surged 15% to hit $16.96 billion, which marked record Q2 revenue for the historic tech firm. Plus, the company’s data-centric businesses soared by 26%, and the firm raised its full-year earnings and revenue guidance.But there are some issues surrounding Intel at the moment. The firm is still in search of a new CEO, which is something many will be nervous about until a replacement is found to help provide a stabilized vision for the future. Furthermore, Intel has delayed mass production of its 10-nanometer "Cannon Lake" chips multiple times, with the next-generation chips expected to begin to roll out more heavily in early 2019, rather than the end of 2018. The delay has helped rivals, such as Taiwan Semiconductor Mfg. TSM, Samsung, and Advanced Micro Devices AMD.Yet, Intel has said its chips will be superior to its competitors. The company has also upped its capital expenditures for 2018 by $1 billion as it aims to spend more money to enter new growth markets.Price MovementShares of INTC have climbed roughly 115% over the last five years. This movement trails its industry’s nearly 176% surge, but does top the S&P 500’s 76% jump. Intel stock also moved mostly sideways between much of 2015, 2016, and the start of 2017.INTC stock is up roughly 38% over the last 12 months, but just 4% in the last six months. And shares of Intel have plummeted over 12% during the last three months. ValuationIntel’s recent decline has not only made its stock price much less expensive on its face—trading at roughly $47.85 per share (including Tuesday’s gains through the early afternoon), which is about $10 less than its 52-week high. On top of that, INTC stock is currently trading at 11X forward 12-month Zacks Consensus EPS estimates, which does represent a slight premium compared to its industry’s 10.7X. However, Intel stock is currently trading at its year-long low and well below its 52-week high of 14.6X and its one-year median of 12.6X.Investors will also note that INTC is currently trading at its lowest point over the last five years. Therefore, they should be able to say that Intel stock appears rather cheap at its current valuation. Outlook Looking ahead, Intel’s third-quarter revenues are projected to climb by over 12% to reach $18.10 billion, which would mark a 12% climb from the year-ago period, based on our current Zacks Consensus Estimate. Meanwhile, the firm’s full-year revenues are projected to jump by 10.7% to $69.50 billion.At the bottom end of the income statement, INTC’s adjusted Q3 earnings are projected to climb by nearly 14% to reach $1.15 per share, while its full-year earnings are expected to expand by nearly 20%.Bottom LineIntel’s Q3 EPS projection has surged by $0.12 over the last 90 days. The company has also earned 14 third-quarter earnings estimate revisions over the last 30 days, with 100% agreement to the upside. Plus, INTC has received 13 full-year and 13 fiscal 2019 upward earnings revisions during this same timeframe, against just two downward changes.Intel is currently a Zacks Rank #3 (Hold) and sports “A” grades for Value, Growth, and Momentum in our Style Scores system. Therefore, investors might want to think about buying INTC right now, especially since its valuation picture looks so solid.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report Intel Corporation (INTC): Free Stock Analysis Report Taiwan Semiconductor Manufacturing Company Ltd. (TSM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research