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Updated from 11:49 a.m. EST
Invstors were looking for answers a day after Intel(INTC Quote) stunned the Street with a fourth-quarter miss and a bleak outlook for the current quarter.
Intel shares tanked as the predictable downgrades poured in. Citigroup cut the stock to hold on concerns about the chipmaker's near-term profitability and ability to estimate reseller inventories. UBS and Piper Jaffray did the same, citing the potential for weakening growth and gross margins.
In midday trading Friday, Intel shares were down $2.98, or nearly 12%, to $22.54. That followed the stock's 9% drop in extend trading Tuesday after the release of the financial results. ...
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