Intel shares fell to a 15-month low Friday after the company said lower-than-expected demand caused it to slash its third-quarter sales and margin estimates.
“The company over-promised and under-delivered for the third quarter,” said analyst Gus Richard with First Albany.
He responded to Intel’s news by cutting his estimates through 2005 to reflect high single-digit revenue and earnings growth. “We think that the incremental news from Intel is about as negative as it gets,” he said in a note to clients.
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