Intel (INTC) Lower Ahead of Q3 Results

Shares of Intel Corporation (Nasdaq: INTC) are down 6.5% ahead of the company's quarterly results, due after the close.

Wall Street analysts on average are looking for Intel to report EPS of $0.34 and revenues of $10.26 billion. The analysts' range on revenues is $10.1-$10.52 billion and the range on EPS is $0.32-$0.37.

Last quarter, Intel beat street EPS estimates by 3 cents and also reported better-than-expected revenues. Shares of Intel rose 1% the day following the Q2 earnings report. Shares of Intel, currently at $15.84, are down 24% since last quarter's report.

Wachovia recently previewed Intel's Q3 results. The firm lowered its Q3 sales estimate on Intel from $10.3 billion to $10.1 billion and said they see Intel reporting Q3 EPS of $0.32 and gross margins around 57%. Wachovia said Intel's sales in its September and December quarters could be supported by, strong secular growth trends for notebooks, ramping Atom sales and stable microprocessor pricing. Wachovia maintained its Outperform rating and $25-$30 valuation range.

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