Posted By RichC on April 16, 2008
As someone who holds entirely too many share of Intel (INTC), I’ve been dreading the anticipated news of a bad quarter from Intel. They at least should offset the weak quarter with a positive outlook. Wednesday pre-open electronic trading has INTC at 22.45 Up 1.54 (7.36%) as of 7:52AM ET.
Intel Corp. posted a 12% drop in first-quarter profit, but indicated that healthy demand for its widely used microprocessors is offsetting recent problems in memory chips.
Some investors had been worried that the technology bellwether would issue a bearish forecast, amid questions about the health of computer demand and general economic jitters. But Intel’s prediction for second-quarter revenue came in slightly above Wall Street’s average estimates, and it maintained a prediction for improved profit margins for 2008.
“The competitive position of our core business is superb,” said Paul Otellini, Intel’s chief executive, during a conference call.
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