DEBORAH MARCHINI, CNN ANCHOR: Investors have yet another high- profile warning to content with today, and that is putting pressure on the futures markets this morning. The Nasdaq futures are up, but not by much, and the number you see for S&P; futures really understates the weakness. The S&P; futures are about 11 points below break even. The world's biggest chip maker, Intel, is slashing sales targets and cutting jobs. Greg Clarkin has details.</s>GREG CLARKIN, CNN CORRESPONDENT: Another shocker from the high- tech world, Intel warning its business is far weaker than expected, Intel saying...</s>DAN NILES, LEHMAN BROTHERS: Consensus was 21. We cut ours to 19. We thought there was some downside from that. In fact, it looks like the EPS number, when all is said and done, you take margins and revenues, could be more like 12 or 13 cents. So you're talking 21 having to go down to that level in terms of earnings per share, and honestly, it's not going to improve a heck of a lot as you go through the year.</s>CLARKIN (on camera): On a conference call, Intel executives said they are seeing weakness in all of the company's product lines. In addition, inventories recently have been growing. And on top of all that, the executives said there is a high degree of uncertainty in their business outlook. Greg Clarkin, CNN Financial News, New York.
Intel Lowers Sales Targets, Cuts Jobs