Intel Shares Hit New Low (INTC)
Yet another dismal day for stocks as Intel Corp. (NASDAQ:INTC) hit $17.60 a share, a new 52-week low for the company. Intel shares have fallen 25% since April and its hard to believe its now trading dirt cheap with a P/E Ratio of 10.8 and EPS of 1.67.
But where are the buyers, has Wall Street lost faith in the chip giant despite it reporting its best quarter ever with $2.9 billion in profit?
This month Intel Corp. (NASDAQ:INTC) just got even bigger, they will soon own McAfee, Inc. (NYSE:MFE). McAfee has some 6,100 employees, and saw $2 billion in 2009 revenue, making it the world’s largest security company. Intel is all about diversification these days, picking up McAfee for $7.68 billion is a genius move.
Mastery Sponsors - Become one Today
Intel Corp (NASDAQ:INTC) blew away analyst estimates last month when the chip giant reported EPS of 51 cents on sales of $10.8 billion, beating the Street by 9 cents. The guidance was even better, a Q3 forecast of $11.6 billion when the Street was expecting $10.92 billion.
But Wall Street doesn't believe the chip sales will keep coming, everyone is concerned with the global slowdown, and Intel Corp. can't do anything to change investor sentiment. Intel shares closed the day at $17.67, down -1.64% or 30 cents, but just how low can INTC go?
At some point value investors will step in and start buying or we'll continue to hit new 52-week lows on a daily basis, time will tell.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Mission Accomplished | Financial Sense
- Obama Signs Defense Bill Authorizing $500 Million More In Aid To "Moderate" Syrian Rebels | ZeroHedge
- Russia Sends 10,000 AK-47s To Afghanistan As Government Mulls "Inviting" Moscow To Help Fight "Terrorists" | ZeroHedge
- Obama to Veto Bill Requiring Background Checks on Syrian Refugees | Financial Sense
- 14,000 Refugees Due For Deportation From Sweden Have Vanished: "We Simply Do Not Know Where They Are" | ZeroHedge
- Half A Million Square Kilometers Of Heavy Smog Force Beijing To Issue "Orange Alert", Close Factories | ZeroHedge
- EU Reaches Deal With Turkey, Will Pay €3 Billion To Stem Refugee Outflow But Not Everyone Wants To Pay Up | ZeroHedge
The most relevant financial news and articles from the Internets
- Chad Carr honored with moment of silence before The Game | Business Insider
- The Best Business Schools of 2011 | BusinessWeek
- City, Liverpool turn eyes to League Cup prize | Business Insider
- Wall Street is not going to like the 'Big Short' movie | Business Insider
- Kobe Bryant announces he will retire at the end of the season | Business Insider
- Vardy breaks scoring record, City go top | Business Insider
- 30 years after art heist, museum hopes to get piece back | Business Insider