Intel Changes 3Q Outlook

Intel Corporation (NASDAQ: INTC) has reduced its 3Q outlook to estimate revenues between $10.8-11.2B (previously $11.2-12.0B), Oppenheimer reports.

The PC supply chain has deteriorated sharply for Intel, along with PC data points that has been negative since early 2Q. According to Oppenheimer, the recent 5% "paper cut" will likely not be the last.

Oppenheimer maintains its Perform rating for Intel Corporation, which closed yesterday at $18.37.