On an all around bad day for the markets in general and tech specifically,
was one of the few bright spots.
The chipmaker was raised to outperform from hold at
, giving some good news to a company whose stock has been crushed lately.
But not everyone is convinced. The folks at
Credit Suisse First Boston
downgraded Intel to buy from strong buy.
upped its fourth-quarter earnings per share estimate to 43 cents a share, up a penny from its previous estimate, but said that its was concerned about 2001. With that in mind, it cut Intel to long-term accumulate from long-term buy.
Since hitting a 52-week high of $75.81 less then two months ago on Aug. 28, Intel has lost more than half its value. It closed yesterday on the
New York Stock Exchange nearly $40 lower than that high mark, ending the day at $36.19.
Fears of a slowdown in the semiconductor industry, concerns that Intel is hemorrhaging market share and a
nasty warningfrom the company have all combined to torpedo the stock's value.
Today looks like a mixed bag. On one hand, ABN Amro said its confidence in Intel rose after hearing a conference call about the company's
third-quarter earnings, which came in at 41 cents a share, exceeding reduced estimates by three cents a share. On the other, Intel is down nearly 10.1% this month.
Intel was lately up $2.13 to $38.38, one of the few positive movers in the
Dow Jones Industrial Average.