European Early Update: One Word -- Intel
Asian Markets Update: Intel Whacks Asian Tech Shares
Wall Street Gets Soaked by Intel's Surprise
Spread the Word: Tech Companies Plenty Exposed Over There
More Than 1,000 Funds Get Clocked by Intel Warning
Intel's Warning Wreaking Havoc in After-Hours Action
This is like initiating coverage on Custer with a sell rating after Little Big Horn, but for what it's worth, analysts have been downgrading, cutting estimates and sounding pretty negative on
this morning after the chip maker issued an earnings warning yesterday telling the market that revenue would fall short of expectations.
A multitude of analysts have taken action on Intel this morning, after some freely admitted being
wrong in supporting the company yesterday.
cut earnings estimates and suggested that other factors besides Europe could be at work, including inventory and demand issues. Merrill,
Credit Suisse First Boston
have notably not changed their ratings -- just lowered estimates.
Deutsche Banc Alex. Brown
downgraded the company to market underperform from strong buy, as did
Chase Hambrecht & Quist
Analysts have also taken action on other technology companies.
Alex. Brown and Chase H&Q also lowered their ratings on competitor
Advanced Micro Devices
, both to market perform from buy.
cut its ratings on
to buy from strong buy, and also lowered ratings on
Salomon Smith Barney
also downgraded Intel to outperform from strong buy.
Merrill Lynch has defended other technology companies with European exposure, including
, but it did warn of worries for tech giant
, saying Europe could affect that company as well.