The Nasdaq was set for a lower open on Friday after chipmaker Intel warned of lower profit margins, while Snap Inc. led declines among social media firms after flagging a hit to digital advertising from privacy changes by Apple. Intel Corp. slid 9.5 percent in premarket trading as it missed third-quarter sales expectations, while its chief executive pointed to shortage of other chips holding back sales of the company’s flagship processors. Supply chain worries, inflationary pressures, and labor shortages have been at the center of third-quarter earnings season, with analysts expecting S&P 500 earnings to rise 33.7 percent year-on-year, according to data from Refinitiv. Some analysts, however, said such worries will only have a temporary impact on earnings from mega-cap technology and communications companies this reporting season. “Intel also produced less than stellar results. Shorting big-tech has been a good way to lose money in the past two years, and …
RSS Feed | The Epoch Times