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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.


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This Article's Word Cloud:   AMEX   Also   Average   DELL   Definition   Definitions   ETFs   Friday   Industrial   Intel   Packard   Relevant   Semiconductor   Stock   Street   What   accounting   back   below   billion   briefly   come   company   could   dipped   estimates   following   giant   holdings   hoped   leading   million   movements   nearly   price   quarter   range   rebounded   revision   said   sales   school   softens   statement   stock   than   that   warned   were   with
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