Intel Corp. is expected to meet the lower end of its previous guidance for the third quarter of 2004 amid excess inventories and slow notebook PC sales, according to a report from SG Cowen Securities Corp..

The company earlier projected that its third quarter revenues would be between $8.6 billion and $9.2 billion. SG Cowen projected that Intel will earn $0.29 a share on sales of $8.592 billion, up 7 percent from the previous quarter.

"We expect Intel to lower the midpoint of it revenue range and possibly lower its gross margin guidance," according to the report. "Our view is based on recent channel checks that suggests demand for notebook PCs remains tepid and that Intel is aggressively reducing prices to reduce excess inventories."

By: DocMemory
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