Tech Winners & Losers: Intel
Shares of Amazon (AMZN) were down 3.8% to $39.98 after Banc of America cut its earnings estimates on the company for the year. It now expects a profit of $1.28 a share, down from $1.36 a share. Although the firm maintains a buy rating on the stock, it lowered its price target to $72 from $80 in light of a deteriorating economy.
"We anticipate that demand for large screen TV's and other higher ASP-consumer electronics will continue to be weak in this environment," Banc of America analyst Brian Pitz wrote in his research. "And note, AMZN has already warned of weakness in higher-ASP flat-panel TV sales."
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