Tech Business Recap: First Solar Wins In Dubai, Intel Sliding Post-Results
Shares of International Business Machines Corporation (NYSE:IBM) are selling off in afternoon trading following its third quarter revenue miss. Bespoke analysts say that the stock’s results could be a negative for the overall market in the coming week. Since back in 2001, IBM’s one-day share reaction to earnings has been directly correlated to the S&P 500’s movements during the subsequent five weeks approximately 75 percent of the time, which counts the last four quarters.
First Solar (NASDAQ:FSLR) shares continue Tuesday’s gains on word the firm has won a contract to build a 13 megawatt solar plant for the Dubai Electric and Water Authority. The project should be completed by October 2013 and could foster future deals as Dubai has begun construction on a solar park which it expects to eventually produce 1 gigawatt of electricity.
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Intel Corporation (NASDAQ:INTC) keeps on sliding after its third quarter results, which were accompanied by soft guidance and cautious earnings call remarks in regards to demand and inventories. Dell (NASDAQ:DELL) and Nvidia Corporation (NASDAQ:NVDA) are down modestly, but most other PC industry names are around breakeven. Meanwhile, Goldman says that margins will fall further in the first half of next year and Nomura believes that Intel’s declining cash balance will restrict stock repurchases.
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