Intel Gives Negative Pre-Annoucement

Intel Corporation (NASDAQ: INTC) gave a negative pre-announcement on 8/27 confirming the evidence of a weakened PC supply chain market, according to Citigroup.

Intel lowered 3Q2010 sales guidance 5% to $11.0B (+/- $200M). Citigroup is lowering its 3Q2010 estimates to $11.0B (from $11.58B), to be in-line with Intel's estimates.

Citigroup's 2010 revenues/GAAP EPS estimates are at $43.4B/1.95 from $44.7/2.08, adjusted for Intel's revised guidance, and 2011 revenues/GAAP EPS estimates are at $47.7B/2.01 from $48.7B/2.31 previously.

Citigroup maintains its Buy rating and $29 price target for Intel Corporation, which closed yesterday at $18.39.

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