Intel stock prices plummeted more then $13 during after hours trading last night after Intel released this press release after the market close yesterday. The press release is a warning stating that revenues for the third quarter of 2000 will fall below forecasts. Intel cited weak European demand as one of the reasons for its loss of revenue. I guess they forgot to mention their supply problems, the whole i820 fiasco, and the pIII 1.1GHz recall. What really bugs me more then that though is this statement in the report from Yahoo News.
Analysts also said to expect Intel's rival Advanced Micro Devices Inc. (NYSE:AMD - news) to be hurt, perhaps more so than Intel, because of the glut in supply of microprocessors in the face of flagging demand. AMD's chip, the Athlon, has for the better part of a year been competing successfully against Intel's Pentium III.
``I'm sure there's a big sign flashing in front of AMD saying 'Road Kill,' `` Kumar said. ``When you get this magnitude of an inventory overhang, AMD basically gets destroyed.''
Thankfully, AMD stock seems to be unaffected by the drop in Intel's stock price, as of now AMD is actually up 11/16 for today, while Intel is still down 12 63/64. Other companies weren't so lucky. For more info on the aftermath, check out this Reuters article at Yahoo News.
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