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Intel Warns On 3Q Sales

By Market News Video Staff, Friday, August 27, 10:59 AM ET
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Intel (NASDAQ:INTC) warned on Friday that sales for the current quarter could come in lighter than expected as the economy softens. In a statement that mirrors that of Hewlett Packard (NYSE:HPQ) and Dell (DELL), the company said back-to-school sales were not as strong as they hoped, leading to the downward revision. The tech giant said it now sees sales in the range of $10.8 to $11.2 billion, well below Wall Street estimates of $11.5 billion.

The stock dipped below $18 briefly, but has since rebounded with the general markets. Also following the same price movements today has been the Semiconductor HOLDRS ETF (AMEX:SMH). This ETF hold more than $235 million worth of Intel stock, accounting for nearly 22% of total holdings.

This Article's Word Cloud:   AMEX   Also   DELL   Dell   Friday   Hewlett   INTC   Intel   NYSE   Packard   Semiconductor   Street   This   Wall   accounting   back   been   below   billion   briefly   come   company   could   current   dipped   downward   economy   estimates   expected   following   general   giant   hold   holdings   hoped   leading   lighter   markets   million   mirrors   more   movements   nearly   price   quarter   said   sales   stock   than   that
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