Stocks Drop on Intel Forecast

By Kevin Spak,  Newser Staff
Posted Apr 15, 2009 8:57 AM CDT
Stocks Drop on Intel Forecast
Traders work on the floor of the New York Stock Exchange in New York, Wednesday, April 8, 2009.   (AP Photo/Seth Wenig)

Stocks headed lower at the open, with the Dow off 42 points, the S&P down 4.75, and the Nasdaq behind 17.58. Intel was a big loser, dropping 4% after reporting a better-than-expected 55% decline in profits, and projecting flat sales. “The ‘beat and raise’ scenario that investors had hoped for did not pan out,” said one analyst. Starbucks, meanwhile, sunk 6.1% after a Deutsche Bank downgrade.

"Yesterday’s retail sales confirmed that the economic environment is still uncertain," said one market strategist. "Intel’s results confirm that computer and electronics are the first to suffer when people cut down spending." (More stock market stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X