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Intel Cuts Margin Forecast

Stock quotes in this article: INTC , AMD , MU  

Updated from 6:48 p.m. EST

SAN FRANCISCO -- Intel(INTC Quote) said its profit margin would be lower-than-expected in the current quarter due to slumping prices for flash memory chips.

The Santa Clara, Calif., chipmaker said first-quarter gross margin would come in at 54% plus or minus one point, vs. its initial expectation of 56% plus or minus a couple points. Intel said all other financial projections remain intact.

Shares of Intel fell nearly 3%, or 59 cents, to $19.42 in extended trading Monday. ...

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