The financial markets ended a rocky week lower after dour news from Intel and Yahoo shook technology stocks across the board.
Published:
12 March 2001 y., Monday
On Thursday, the giant chipmaker warned Wall Street for the second time that revenue estimates would fall below forecasts. Citing increased softness in the market for PCs, Intel now expects revenue around $6.5 billion, approximately 25 percent below fourth-quarter revenue of $8.7 billion. These estimates would make it Intel's slowest quarter since late 1997.
Technology stocks took the news hard, as shares fell sharply Friday. Intel's woes weren't the only blow to the stock market this week, as Yahoo caused its own market turmoil with an earnings warning and word that Chief Executive Tim Koogle would step aside. Trading of shares in the Net portal was halted early Wednesday after speculation by Merrill Lynch analyst Henry Blodget as to why the company canceled an appearance at the investment bank's financial conference sent shares into a tailspin.
The warning has raised a number of questions for the giant Internet portal. The online advertising market, already depressed, seems to be in worse shape than originally thought. And despite Yahoo's current woes and depressed stock price, many analysts think that shares still have a ways to go before they really hit rock bottom.
Šaltinis:
CNET News.com
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