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Microsoft Pri0

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Matt Day.

November 13, 2008 at 10:06 AM

Updated: Microsoft hits intra-day low not seen since 1998 as Intel cuts revenue forecast

Microsoft shares were trading down $1.50, about 7.2 percent, to $18.80 at 1:06 p.m. Eastern Time today, an intra-day low not seen since Jan. 30, 1998, when the company’s stock hit $18.45 before closing at $18.65.

(Update, 1 p.m.: Can you say volatility? Microsoft climbed into positive territory late in the day. At 3:57 p.m. Eastern, the stock was up 76 cents, 3.7 percent, to $21.04.

Also, see this post to read why one financial analyst expects PC sales growth to slow to a trickle in the next 7 and a half months, and the impact that could have on Microsoft revenue.)

Today, the Nasdaq is down about 3.9 percent. (Update: By late afternoon, the index was up 6.5 percent.) Tech shares are reacting after chip maker Intel cut its revenue forecast. From Reuters:

“[Intel] expects fourth-quarter revenue of $9 billion, plus or minus $300 million.

“That was much worse than Intel’s October forecast of $10.1 billion to $10.9 billion, and far short of the average analyst estimate of $10.3 billion according to Reuters Estimates.”

Comments | More in Financial, Intel

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