Intel, Fortinet, IBM: Tech Premarket

NEW YORK ( TheStreet) -- Intel ( INTC) was a big loser in premarket trading on Wednesday, tumbling 3.71% to $21.52 after the chip giant offered weak guidance when it reported its third-quarter results.

The No. 1 chipmaker beat lowered expectations for its fourth quarter after market close on Tuesday, but cited continuing weak demand across the globe.

For the fourth quarter, Intel expects sales of $13.6 billion, plus or minus $500 million. Analysts surveyed by Thomson Reuters were looking for sales of $13.74 billion, slightly above Intel's top-line view.

The Santa Clara, Calif.-based firm expects a Non-GAAP gross margin between 57% and 58%, plus or minus a couple of percentage points.

Intel was also the most active premarket Nasdaq stocks on share volume of 2,497,896.

Security specialist Fortinet ( FTNT), which also reported its third-quarter results on Tuesday, was an even bigger loser, plunging 16.94% to $20.60 after the company cut its full-year forecast.

The Sunnyvale, Calif.-based company reported in-line third-quarter results, but projected full-year revenue between $524 million and $528 million, below its prior forecast of $525 million to $530 million. Analysts were looking for revenue of $528.7 million.

IBM ( IBM) was off 3.65% at $203.29 after missing Wall Street's top-line forecast in its third-quarter results on Wednesday.

The tech bellwether edged past analysts' earnings forecast, but currency pressures weighed heavily on revenue.

Excluding items, IBM earned $4.2 billion, or $3.62 a share, up from 10% from a profit of $3.28 a share in the prior year's quarter, and a penny ahead of the consensus view.

But the Armonk, N.Y.-based firm reported revenue of $24.75 billion in the September-ended quarter, down from $26.16 billion in the same period last year, and below the analysts' estimate of $25.36 billion. Currency negatively impacted IBM's revenue by nearly $1 billion in the latest period.

Cisco ( CSCO) was another premarket laggard, dipping 1.45% to $18.58, while Clearwire ( CLWR) slipped 1.35% to $2.20.

Apple ( AAPL) shares were off 0.16% to $648.75.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

More from Technology

Microsoft Rides the Cloud, Digital Transformation to Strong Quarter

Microsoft Rides the Cloud, Digital Transformation to Strong Quarter

Why the Blockchain Revolution Is on Hold Until There Is Better Data

Why the Blockchain Revolution Is on Hold Until There Is Better Data

Microsoft Shares Up Slightly After-Hours on Earnings Beat

Microsoft Shares Up Slightly After-Hours on Earnings Beat

Bitcoin Today: Price Rally Loses Momentum as Bid to $10,000 Falters

Bitcoin Today: Price Rally Loses Momentum as Bid to $10,000 Falters

Alphabet's Most Important Foundation for Autonomous Driving Success

Alphabet's Most Important Foundation for Autonomous Driving Success