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.
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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.
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