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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Goutam who wrote (75486)	10/14/1999 3:38:00 AM
From: Goutam	Read Replies (5) \| Respond to of 1572560

Drew Peck downgrades Intel from Buy to Neutral - Santa Clara, California, Oct. 13 (Bloomberg) -- Intel Corp. shares dropped 6 percent after the No. 1 chipmaker's third- quarter profit margins lagged its own forecast, hurt by lower prices for microprocessors and product delays. Intel fell 4 9/16 to 72 1/8 in trading of 60.3 million shares, making it the most active U.S. stock. Before today, they had risen by about 30 percent this year. Intel said its gross profit margin, or the percentage of revenue left after subtracting production costs, dropped from the second quarter because it sold more of its cheaper chips. The company delayed a high-priced Pentium model, while Advanced Micro Devices Inc. unveiled a competing product. ``This was their quarter to shine, and they didn't do that,' said Drew Peck, an analyst with S.G. Cowen & Co. who cut his rating to ``neutral' from ``buy' today. ``I was hard- pressed to come up with a compelling reason to continue investing in the stock.' Peck said he expects Intel to fall short of the average analyst forecast of 65 cents for the fourth quarter. That could leave Intel heading into the traditionally weaker first quarter with little boost from Christmas sales. ... Read the full article here quote.bloomberg.com ______________ Goutama