Intel (INTC -2.7%
) remains lower following its Q3 report
, which was accompanied by soft guidance
and cautious earnings call
) about demand and inventories. Dell (DELL -1.6%
) and Nvidia (NVDA -1.7%
) are off, but most other PC industry names are near breakeven. There's plenty of downbeat sell-side commentary
: Goldman predicts margins will fall further in 1H13, and Nomura thinks Intel's declining cash balance (now at $3.4B) will limit stock buybacks. Bulls are predicting Windows 8, for which expectations have fallen considerably, will provide a lift.