A previous version misstated analyst Craig Berger's sales outlook for Intel.
Weakening demand for personal computers has prompted at least three analysts to trim their estimates for Intel Corp., highlighting growing concerns about the impact of the economic downturn on the tech giant and the industry as a whole.
INTC 13.32, -1.11, -7.7%) dropped 2.9% to close at $13.93 after some analysts pointed to a slowing market for desktop and notebook computers as a result of the global slowdown.
"Recent checks into fourth-quarter PC builds with the top five notebook ODMs [original design manufacturers] and top four desktop motherboard makers are significantly weaker than our month-ago checks, and as a result, we are cutting estimates on Intel," analyst Craig Berger of Friedman, Billings, Ramsey & Co. told clients in a research note.Berger said he now expects Intel to report a 4% sequential decline in sales to roughly $9.8 billion, compared to his previous projection of a 1.6% increase.Continued...
"The financial meltdown has greatly affected all countries in the world. Surplus of goods are increasing because people are allotting their money to buy for their basic needs and not computers or netbooks which are considered wants."
"The financial meltdown has greatly affected all countries in the world. Surplus of goods are increasing because people are allotting their money to buy for their basic needs and not computers or netbooks which are considered wants."
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