Intel Corporation (NASDAQ:INTC) had announced a cut in its guidance for the first quarter. They had reduced their revenue guidance for first quarter from $13.7 million to $12.8 million, which was a $900 million cut. The company attributed the decision to stronger dollar, weaker Euro and macroeconomics in Europe. Due to this Intel Corporation (NASDAQ:INTC) stock had lost close to 7% of its value in the last week. It was also the worst performing stock in the Dow index for the week that just closed. Bloomberg’s Scarlet Fu reported about this on Bloomberg TV.
Fu reported that Intel Corporation (NASDAQ:INTC) stated the stronger dollar, the weakness in Euro and also the macroeconomic challenges in Europe as the reasons behind its revenue guidance cut. Intel Corporation (NASDAQ:INTC) also pointed out that companies are no longer refreshing their Windows XP machines.
Fu pointed out that Intel Corporation (NASDAQ:INTC) was the worst performer in the Dow Index and she added that Intel Corporation (NASDAQ:INTC) stock did not contribute to Dow’s raise on Friday. She added that there was knock on effect on shares like Microsoft Corporation (NASDAQ:MSFT), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Hewlett-Packard Company (NYSE:HPQ) stocks as well.
“Intel cited the stronger dollar, the weakness in Euro and also of course the macroeconomic challenges in Europe for the reasons why it cut its first quarter sales forecast. It also said that companies are no longer refreshing their Windows XP OS. So Intel was the worst performer in the Dow this week. Didn’t participate in Dow’s raise yesterday at all. There was a knock on effect on shares of Microsoft, its rival Advanced Micro Devices and as well as Hewlett-Packard too that we saw knocked down some of the tech names earlier this week,” Fu reported.
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