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Intel heads for worst day on Wall Street in 50 years
  + stars: | 2024-08-02 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntel heads for worst day on Wall Street in 50 yearsStacy Rasgon, Bernstein managing director and senior analyst, joins 'Closing Bell' to discuss Intel Intel as the company is headed for worst day on Wall Street in 50 years
Persons: Stacy Rasgon, Bernstein Organizations: Intel, Intel Intel
A handful of stocks are entering or about to enter the worrisome so-called death cross. A death cross can also be indicative of a forthcoming bear market pattern. Intel Intel disappointed Wall Street's first-quarter expectations last week, when it posted a beat in earnings per share but came up light in revenue. McDonald's McDonald's has also drawn a death cross. CVS Health Unlike the other two names, CVS Health is nearing a death cross.
Persons: Wall Street's, Goldman Sachs, Toshiya Hari, McDonald's, Kevin Caliendo, Caliendo Organizations: Intel, CNBC, Intel Intel, Nvidia, CVS Health, CVS, UBS Locations: Gaza, mgt
When Advanced Micro Devices (AMD) reports quarterly earnings next week, the Club holding's results should not look nearly as bad as longtime rival Intel 's (INTC) dismal numbers. But the magnitude of the Intel's disappointment stems from many company-specific factors, including lost market share to chip peers such as AMD. This multi-quarter, industrywide problem will likely show up in the fourth-quarter results AMD is scheduled to release after Tuesday's close. Implications for AMD Morgan Stanley said it believes Intel's results are "cautious" for peers, especially AMD. Bank of America sees Intel's results as "only incrementally negative" for AMD, partially because the analysts believe AMD's inventory correction in the second half of the year was larger than Intel's.
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