The Bear Market Just Began – Intel Disappoints
Mark it down. About 30 minutes ago, when the headline “Intel 4th Quarter 38 cents EPS” was sent over the wire services, the bear market of 2008-09 began.
Not only did we close at 9 month lows today but we’re going to be lower tomorrow as well.
As I wrote earlier today, analysts were looking for 40 cents a share – 38 cents isn’t going to cut it. Revenue of $10.712 billion also came in below the low end of analysts estimates which were for $10.75 billion – $11.1 billion. Revenue in Japan and Europe were strong but Asia/Pacific and the Americas weak (INTC 4Q Earnings Release).
Intel shares are getting crushed after hours, down about 14.5% currently (1:50pm PST).
Look for tech to get hammered again at the open tomorrow.