Intel's outlook soothes antsy investors |
| Reuters - Jul 18, 2012 |
The shares of Intel Corp (INTC.O) and other technology stocks surged after the top chipmaker trimmed its outlook and signaled that the PC industry might be down but is not out.
Intel's recently punished stock jumped on Wednesday after the company reported second-quarter earnings late the day before. The shares of Hewlett Packard Co (HPQ.N), Nvidia Corp (NVDA.O), Dell Inc (DELL.O) and other technology heavyweights also rose.
On Tuesday, the chipmaker, a barometer of the PC industry, cut its 2012 revenue growth forecast to between 3 percent and 5 percent, down from a prior forecast of "high single-digit growth.
"Intel is telling us, yes, things are weak, but it's not disaster weak," said Raymond James analyst Hans Mosesmann. "There had been a school of thought that they could guide down - and they didn't."
Shaky economies in Europe and the United States and a growing consumer preference for Apple Inc's (AAPL.O) iPad tablets have been taking a toll on the PC industry.
Read Full Article from Reuters
- Posted: 2012-07-18 14:19:25
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