Markets & Finance

Intel Slips


Intel (INTC) lowered the $8.6 billion to $9.2 billion third-quarter revenue outlook to $8.3 billion to $8.6 billion. Intel says worldwide demand for its Architecture products is trending below expectations, and that communications revenue is weaker than expected. S&P and Lehman cut their estimates.

AG Edwards downgraded Xilinx (XLNX) to hold from buy.

Cypress Semiconductor (CY) revised its third-quarter revenue outlook to 5% to 10% lower than the second quarter's, resulting in pro forma earnings per share of 11 cents to 15 cents. The chipmaker cited ongoing softness in customer orders.

Pfizer (PFE) will take a $369 million third-quarter charge in connection with court-approved steps it's taking, along with its Quiqley unit, to resolve all pending and future claims against them involving exposure to asbestos, silica, or mixed dust.

Integrated Device Technologies (IDTI) cut the second-quarter sequential revenue growth forecast to down 1% to 5%, vs. the previous guidance of flat to up 6%, citing softness in bookings, customers working through inventories, and a slowdown in next-generation wireless-infrastructure deployment.

Longs Drug Store (LDG) posted 1.3% higher preliminary August same-store sales and 2.2% higher total sales.

Mandalay Resort (MBG) posted 85 cents, vs. 67 cents second-quarter earnings per share on an 11% revenue rise, saying the results were impacted by higher healtcare costs.

Kmart Holding (KMRT) says it will now sell 45 stores to Sears, Roebuck (S) for $524.45 million, and says the sale of up to another six stores remains subject to certain additional conditions required to be met within the next 15 days. The proceeds from the additional sale would total up to $65.25 million.

Chartered Semiconductor (CHRT) says the third quarter is progressing essentially in line with July guidance. It expects revenues to be about $256 million and maintains the third-quarter profit outlook.

AMR Corp. (AMR) reported an August load factor of 78.4%, its second-highest August load factor on record. The parent of American Airlines posted a 5.8% increase in capacity and a 4.4% increase in August traffic.


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