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Tech Winners & Losers: Intel
Updated from 2:17 p.m. ET
Shares of semiconductor companies retreated with the broader market after Intel (INTC Quote) added to a series of downbeat corporate and economic reports Wednesday, saying fourth-quarter sales have plunged 23%.
The Philadelphia Semiconductor Sector index fell nearly 4% after rallying on Tuesday.
On top of Intel's announcement, JPMorgan analyst Christopher Danely predicted more bad news ahead from chip companies, expecting many of them to report worse-than-expected earnings for the fourth quarter and disappointing guidance.
The chip sector as a whole has rallied about 30% since hitting a multiyear low in November as investors hunted for bargains. ...
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