“U.S. stocks are set to open lower Wednesday, driven downward by a less-than-positive report from Dow component Intel Corp. Also Wednesday, the Consumer Prices Index rose by 0.5 percent in March, the Labor department reported, raising questions about whether the seeds of unwanted inflation are being sown,” The Associated Press reports.
“Late Tuesday, Intel missed analysts’ per-share expectations for the quarter by a penny despite an 89 percent increase in net profit; earnings rose to 26 cents a share from 14 cents a share a year earlier. The bellwether chip maker’s revenue grew by just 20 percent in the quarter ended March 27, and the company predicted slightly lower sales for the current quarter than some analysts forecast,” AP reports.
“The downbeat Intel numbers drove markets downward around the world. In London, the FTSE 100 Index fell 48.3 points recently, to 4,467.5. France’s CAC Index declined 49.06 points, and Germany’s Xetra Dax traded down 66.44 points,” AP reports.
Apple will announce its 2nd Qtr. 2004 financial results after the markets close today. Analysts expect the company to post 10 cents per share profit, about $35 million. Revenue is expected to total around US$1.81 billion.
Apple will stream its second quarter conference call discussing the results at 5:00 pm ET here.