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[marketmaven]

JPM Downgrades INTC, Cites Subdued Notebook Demand

J.P. Morgan Securities brought Intel down to a neutral rating from overweight, citing concerns over subdued notebook demand as well as product delays. "We believe Intel will not raise guidance during its mid-quarter update for the first time in almost a year," the broker said. "Our checks in the channel indicate second quarter 2004 bookings at Intel have been soft and as a result, we are forecasting a 1 percent quarter-over-quarter decline, roughly in line with the normal seasonal decrease of 2 percent quarter over quarter."