Investors weren’t expecting much from Intel’sfirst-quarter earnings report after the close on Tuesday, and that’s what they got.
Intel beat earnings estimates by a penny with 28-cent earnings, and gross margins came in better than expected, but revenues of $8.09 billion missed $8.17 billion estimates, and the company’s second-quarter revenue guidance of $7.6-8.2 billion leaves room to disappoint $8.1 billion estimates.
Intel’s shares slipped 1% after hours.
Also after the close, Adtranbeat estimates.
Stocks tumbled during the day on concern about rising interest rates after retail sales came in much stronger than expected.
The Nasdaq fell 35 to 2030, the S&P 500 lost 15 to 1129, and the Dow dropped 134 to 10,381. Volume rose to 1.42 billion shares on the NYSE, and 1.96 billion on the Nasdaq. Decliners led 29-4 on the NYSE, and 25-7 on the Nasdaq. Downside volume was 89% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 114-113 on the NYSE, and 141-24 on the Nasdaq.
Novellusand Novatelfell despite better than expected results.
Infosysrose 3% after beating estimates.
Group 1 Softwaresoared 37% on news that it will be acquired by Pitney Bowes.
IBM, down 0.8%, acquired disaster recovery assets and sold PowerPC assets.
And Time Warnerlost 3% on news that is may face SEC charges over AOL’s ad revenues.
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