Upbeat Forecast From Intel, Here’s What They Said

Stocks reversed earlier losses.  Equities
turned things around despite Greenspan’s testimony that failed to give any clue
to the ending of the recent rate hikes. The Fed Chairman commented “The most
recent data support the view that the soft readings on the economy observed in
the early spring were not presaging a more serious slowdown in the pace of
activity”. He also repeated that the Fed can continue to raise rates at a
“measured pace”. 

In economic news, weekly jobless claims fell by 21,000 to 330,000 or inline
with estimates.

In its mid-quarter update, the world’s largest maker of microprocessors,
Intel
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$9.1 billion and $9.3 billion up from its previous forecast of $8.6 billion to
$9.2 billion. Gross margin is also expected to be at 57% compared to 56%.

Shares of Google
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12 points yesterday.  Merrill Lynch raised the Internet giant’s 2006
revenue estimates to $5.2 billion from $5.1 billion.

Maurice “Hank” Greenberg is resigning from the board of American
International Group
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resign now results from my inability to receive information regarding the
company and its operations necessary to fulfill my fiduciary duties”.

Strong sectors are:  Oil Services

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+2.87%    Networking
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Weak sectors are:   
Airlines
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-0.41%     Health Providers
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Navistar
International
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income and raised sales forecast.