was down 7.5% in preopen
trading, a day after it warned that first-quarter revenue will drop 25%, instead of the 15% falloff previously announced by the chipmaker. Intel said it now expects revenue of $6.5 billion, much lower than the $7.4 billion estimated by analysts and the previous quarter's $8.7 billion.
Several brokerages began cutting estimates and price targets, among them
Credit Suisse First Boston
. Other chipmakers were also lower, including
RF Micro Devices
, which also warned after Thursday's close. RF Micro was down 12.6% preopen.
was up 3% despite its warning late Thursday.