Intel Corp slid 10.3% 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% 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 I expect only a temporary aberration," wrote Jeffrey
Halley, senior market analyst, Asia Pacific at OANDA in a client
note.
Facebook Inc fell 3.7%, while Twitter Inc lost 4.1% after Snap
Inc said privacy changes by Apple Inc on iOS devices hurt the
company's ability to target and measure its digital advertising.
Snap plummeted 20.9% on the news and cast doubts over quarterly
reports next week from Facebook and Twitter, social media firms
that rely heavily on advertising revenue.
Apple rose 0.2%. Other growth stocks including Tesla Inc,
Microsoft Corp and Netflix Inc also rose, limiting declines on
Nasdaq 100 e-minis.
At 6:47 a.m. ET, Dow e-minis were up 33 points, or 0.09%, S&P
500 e-minis were up 3.5 points, or 0.08%, and Nasdaq 100 e-minis
were down 26.75 points, or 0.17%.
Mattel Inc jumped 8.2% after it raised its 2021 sales forecast
on Thursday, saying it would overcome industry-wide shipping
disruptions.
Honeywell International Inc fell 2.1% after the industrial
conglomerate cut its full-year sales and adjusted profit
forecast on global supply chain disruptions.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun
Koyyur)
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