Intel earnings forecast shocks Wall Street

* Intel cuts Q4 rev forecast by 14 pct

* Says demand is weak in all market segments, geographies

* Applied Materials, National Semi also give weak outlooks

* Intel shares drop to 12-yr low, drags on tech stocks

Intel, the biggest maker of chips for personal computers, forecast fourth-quarter revenue of $9 billion, plus or minus $300 million. That compares to its October forecast of $10.1 billion to $10.9 billion, and the average analyst estimate of $10.3 billion according to Reuters Estimates.

"For revenue to be that far down sequentially, it means consumers have basically shut down for the holidays," said Charter Equity Research analyst John Dryden. Intel's third-quarter revenue was $10.2 billion.

Source: Reuters

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And now INTC is heading to 2002 lows.

And the market will follow to the 2002 lows. Sooner than later. We STILL DON"T have a capitulation to mark a bottom. Till then no need to buy any stocks.