As soon as there is upward movement ....... Institutions slam it.
Premarket-Movers: Intel Estimates Cut Wednesday February 27, 9:13 am ET JPMorgan Cuts Estimate for Intel for 2008, 2009, Lamar Slides on 4Q, Outlook; Netflix Jumps
NEW YORK (AP) -- Shares of Intel Corp. after JPMorgan cut its profit estimates for the world's largest chipmaker. JPMorgan analyst Christopher Danely said his checks indicate that Intel's first quarter is "trending below plan due to weaker than expected orders for microprocessors."
Danely said in a note to clients, "We believe the lower than expected revenue is being driven by excess microprocessor inventory in the channel and decelerating PC demand," and said Intel would need a "strong March" to meet the mid-point of its guidance.
He cut his profit forecasts for calendar years 2008 and 2009 and maintained a "Neutral" rating on the shares.
The Dow Jones industrial average component gave up 45 cents, or 2.2 percent, to $20.24 premarket, from its close Tuesday at $20.69.
Futures trading and the Nasdaq-100 Premarket Indicator pointed to the U.S. markets opening down Wednesday after three sessions of strong gains.
Also slipping in early trading were shares of Lamar Advertising Co., after the outdoor advertising and sign company said its fourth-quarter profit fell 38 percent, to come in below Wall Street estimates. The Baton Rouge, La., company also said it expects first quarter revenue to fall short of analyst expectations.
"Slowing growth across Lamar's platform is not surprising given the slowing local ad market and mid-to-high single digit percentage declines across radio and newspapers," said Goldman Sachs analyst Mark Wienkes. He said sustaining growth "seems increasingly difficult to sustain given the current ad trends."
Lamar shares fell $3.96, or 9.3 percent, to $38.75 premarket, from their close at $42.71.
On the positive side, shares of Netflix Inc. jumped after the DVD rental company raised its first-quarter and full-year earnings per share outlook on new forecasts for more subscriber growth.
The Los Gatos, Calif., company offered a range that went above Wall Street expectations. Shares added $2.07, or 7.1 percent, to $31.07 in early trading, from their Tuesday close at $29.
Market Data 
Markets 
AI
