Intel Catches the Drift

In a likely indication of the drift to come, Intel(INTC Quote) shares slid back to their late-summer lows Friday after the company confirmed ongoing supply issues and said business was merely following expected seasonal increases.

The update late Thursday from the world's largest chipmaker failed to motivate investors to significantly change their stance on the stock. Shares were down recently almost 3% to $25.32, but this simply returned Intel to a three-month low logged a week ago.

Intel said Thursday it is still on pace to book sales growth in the third quarter that will surpass growth logged during the first two quarters of the year. The Santa Clara, Calif.-based company also cited ongoing strength in the notebook computer market, as well as the overall computing market. ...