Intel shares fall on forecast
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Intel Corp. shares fell after Friedman, Billings, Ramsey & Co. reduced profit and share-price estimates for the world’s largest chip maker because of weakening personal-computer demand.
PC shipments will decline 5% in the fourth quarter from the third, worse than Friedman’s previous estimate of 3% growth, analyst Craig Berger wrote in a note to clients. He cut his 2009 earnings estimate by 17% to $1.10 a share and his share-price projection by 14% to $19.
Intel stock slid 42 cents, or 2.9%, to $13.93. The shares have fallen 48% this year, compared with a 39% drop in the Standard & Poor’s 500 index.
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