Jim Chanos Bets Against the Shares of Intel Corporation
Kynikos Associates’ founder, a hedge fund manager Jim Chanos, reported that is betting against the shares of Intel Corporation, one of the world's largest and highest valued semiconductor chip makers, based on revenue.
"We're
short Intel," Chanos told cable television network CNBC. Chanos said he
has been shorting, or betting against the company's shares, for the
past six months.
Chanos,
who has been critical of the personal computer sector and has bet
against companies such as International Business Machines Corp and
Hewlett-Packard Co, said Intel has "the same challenges."
Intel
said Thursday that revenues from its mainstay PC business fell about 3
percent in the fourth quarter from the prior quarter to $8.9 billion.
That raised doubts about a long-anticipated recovery of the PC business.
The
company also forecast first-quarter revenues of $13.76 billion, plus or
minus $500 million, and gross margins of about 60 percent, below the
65.4 percent reported in the fourth quarter. Analysts, on average,
expecting revenue of $13.77 billion in the first quarter, according to
Thomson Reuters I/B/E/S.
Source: KFGO
