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Tech giant’s stock rebounds on respectable sales forecast

Friday, Sept. 6, 2002 | 9:49 a.m.

SAN JOSE, Calif. -- Shares of Intel jumped more than 7 percent this morning after the chip-making giant announced it will be within, but at the lower end of, its previous forecast as demand for microprocessors remains soft among businesses and consumers.

The Santa Clara-based company's midquarter report offered no surprises but did allay some investor fears that its business has been dismal.

Shares jumped $1.18, to $16.29, in morning trading on the Nasdaq Stock Market. On Thursday, before the financial update, the stock closed at a new 52-week low, at $15.11.

The chip-making giant said it expects revenues to be between $6.3 billion and $6.7 billion. Last month, it said sales would range from $6.3 billion to $6.9 billion. The company did not provide earnings estimates.

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