PC Makers Lose Ground After Apple's Profit Warning
Shares of PC makers were shredded this morning, along with
Apple
(AAPL) - Get Apple Inc. Report
, which warned
yesterday it would miss first-quarter sales and earnings targets.
Apple was lately down 14.8%, or $2.50, to $14.50 on the
Nasdaq
, trading through a 52-week low.
Gateway
(GTW)
fell 9.4%, or $1.78, to $17 in composite trading.
IBM
(IBM) - Get International Business Machines Corporation Report
was lower by 5.5%, or $5.69, to $97.69, and
Compaq
(CPQ)
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tumbled 15.4%, or $3.75, to $20.65 on the Big Board.
Shares of
Dell
(DELL) - Get Dell Technologies Inc Class C Report
were recently lower by 11.5%, or $2.31, to $17.94 on the Nasdaq.
Hewlett-Packard
(HWP)
lost 9.6%, or $3.38, to $31.63. This morning H-P's chief executive, Carly Fiorina, again said the company expected revenue growth of 15% to 17% in 2001.
Analysts, predictably, reacted to the downslide after Apple's warning.
Bear Stearns
this morning cut its revenue and earnings estimates on Apple.
Lehman Brothers
also lowered Apple's EPS estimates, and
Credit Suisse First Boston
jumped on the bandwagon by lowering the ratings of computer makers Apple, Gateway and Compaq.
Among major semiconductor issues,
Intel
(INTC) - Get Intel Corporation Report
lost 8.5%, or $3.06, to $32.94 on the Nasdaq, while
Advanced Micro Devices
(AMD) - Get Advanced Micro Devices, Inc. Report
declined 4.8%, or 75 cents, to $15 in composite trading.
