Rumors, MSFT rumor that they will settle with U.S. and they go up. INTC rumor about earnings problem and their stock, and other semis, goes down. From Bloomberg we have this. Funny, money manager quoted in the story says it is well known INTC is 10% off of their quarterly plan but Gruntal just reiterated INTC a strong buy today. Guess Gruntal didn't get their phone call. Jeff
Top Financial News
Tue, 09 Mar 1999, 9:16pm EST
U.S. Stocks Fall on Concern Intel Will Report Weak Profit; Disney Declines
U.S. Stocks Fall as Intel Declines on Profit Concern
New York, March 9 (Bloomberg) -- U.S. stocks fell amid
speculation that Intel Corp. will warn of disappointing profit.
Walt Disney Co. declined on concern revenue from television and
movies is falling short of expectations.
The Dow Jones Industrial Average closed 33.85, or 0.4
percent, lower at 9693.76, after coming within 201.07 points of
the 10,000 mark. The Standard & Poor's 500 Index declined 2.89,
or 0.2 percent, to 1279.84. The Nasdaq Composite Index dropped
4.68, or 0.2 percent, to 2392.94. Losers outnumbered winners by a
16-to-13 ratio on the New York Stock Exchange.
''It's fairly well known on the Street right now that (Intel
is) maybe 10 percent below plan for the quarter,'' said Gary
Dvorchak, a money manager for Provident Investment Counsel Inc.,
which oversees $18 billion in Pasadena, California. ''There would
be a pessimistic reaction to their announcement.''
Intel declined to comment. Its shares fell 4 5/16 to 115
5/16, although most trades took place above 118. Advanced Micro
Devices Inc., the No. 2 chipmaker, fell 1 7/16 to 17 1/2 after
warning it will lose money in the first quarter because of
production problems. Intel has been cutting prices to win back
sales lost to Advanced Micro's cheaper K-6 chips.
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