Thursday, November 13, 2008

Intel Takes a Hit

Because of the nature of it's product, chipmaker Intel has become a bell-weather for the Tech Market. It was therefore not good news when Intel reported late yesterday that it's expected earnings would be taking a hit.

And it wasn't a little hit, it was a bat to the head.

The chipmaker on Wednesday was forced to slash its fiscal-fourth-quarter revenue by $1 billion because of "significantly weaker" demand for its products. Intel now says it expects to post $9 billion in revenue for the quarter, plus or minus $300 million, the company said, compared with a previous forecast of between $10.1 billion and $10.9 billion.

This news caused stocks to drop late Wednesday, so the market ended down 411 points to 8,283.

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