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.
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