Techs in for a WILD ride tomorrow....
Hang on everybody..
NEW YORK, March 4 (Reuters) - Technology stocks fell
"drastically" in after-hours trading Wednesday after Intel said
it sees first quarter earnings falling below expectations.
"Everything's trading drastically lower," one trader said,
listing off a who's-who of technology stocks trading lower
after the Intel bombshell.
Shares of Microsoft (NASDAQ:MSFT) were trading at 80 after the
bell, down over two points from their unofficial close of
82-5/16, one trader said.
IBM Corp (NYSE:IBM) traded at 99 after the regular session,
down over two points from a close of 102-1/16.
Dell Computer Corp's (NASDAQ:DELL) stock saw a big sell-off
after the Intel forecast, trading at 133, down over five points
from an unofficial close of 138-7/8, one trader said.
Intel said it expects first quarter revenues to be down 10
percent from the $6.5 billion in revenues the company reported
for its fourth quarter.
The world's largest semiconductor maker cited lower than
anticipated demand for the expected fall in sales and earnings.
The First Call consensus earnings estimate for Intel's
first quarter, based on 31 analysts' estimates, is $0.93 per
share.
Over an hour after the close, Intel's stock resumed trading
at 76-7/8 down over 10 points from its unofficial close of
86-7/16.
Microsoft traded at 78 an hour after the close while Dell
fell further to 130-1/8.
The New York Stock Exchange reported session one trading
volume of 862,200 shares, compared with 944,600 the prior
session. Session two volume was 950,919 compared with 2.27
million shares the previous session.
Copyright 1998, Reuters News Service |
