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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Rob C. who wrote (51686)	4/17/2001 4:51:16 PM
From: tonyt	Respond to of 77400

At this rate, csco may open @ $18. INTC @ $28.97 Intel rises as results beat estimates TI meets lowered estimates; will cut 2,500 jobs By Nicole Maestri, CBS.MarketWatch.com Last Update: 4:36 PM ET Apr 17, 2001 NEW YORK (CBS.MW) - Shares of Intel rose 7 percent after the chipmaker beat analysts' downwardly revised estimates with its first-quarter results reported after the bell Tuesday. The news came amid a number of other positive earnings results that had many tech shares trading in the green in evening trading action. Also rising on positive reports were shares of Texas Instruments, RF Micro Devices, Oni Systems and Interwoven. Intel Chip giant Intel (INTC: news, msgs, alerts) reported net income of $1.1 billion, or 16 cents a share, compared with $3 billion, or 43 cents a share, during the same quarter last year. The latest First Call/Thomson Financial consensus estimate on Intel's profit was 15 cents a share on sales of $6.59 billion. Actual revenue was $6.7 billion compared with $8 billion during the same quarter last year. After the report shares rose $1.93, or 7.4 percent, to $27.99 on Island. Intel said in March it would fall short of its first-quarter sales projections and has cut 5,000 jobs to pare costs. For the second quarter, revenue is expected to be between $6.2 billion and $6.8 billion, with gross margins slipping by a couple of percentage points to 49 percent. Intel shares closed down 24 cents, or 0.9 percent, at $26.06. Texas Instruments Texas Instruments (TXN: news, msgs, alerts) reported first-quarter pro forma income of $317 million, or 18 cents a share, 2 cents ahead of analysts' downwardly revised estimates. During the same quarter last year, the Dallas-based semiconductor company earned $494 million, or 28 cents a share. The company also confirmed reports that it would layoff employees, saying it will lay off 2,500 employees, or 6 percent of its global workforce. Revenue was $2.5 billion, down 17 percent sequentially from the prior quarter. The company expects revenue to decline 20 percent next quarter. Shares closed up 99 cents at $34 and rose to $35 in third market trading after the report.