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Intel To Narrow Forecast Range

Intel Corp. is expected to narrow its second quarter forecast to the $8 billion range because of growing demand for NOR flash memory and the stabilization of the notebook PC market, according to a report from Pacific Crest Securities Inc. on Tuesday.

"During Intel's mid-quarter update on June 3, we expect the company to tighten its Q2 revenue guidance range to $7.9 billion to $8.1 billion from the previous range of $7.6 billion to $8.2 billion," said Michael McConnell, an analyst with Pacific Crest, an investment banking firm in Portland, Ore.

Overall, McConnell projected Intel will earn $0.24 a share on sales of $7.9 billion in the second quarter.

Intel disclosed its forecast for the second quarter when it reported first quarter revenue of $8.1 billion, down 7 percent sequentially and up 20 percent year-over-year. First quarter net income was $1.7 billion, down 20 percent sequentially and up 89 percent year-over-year. Earnings per share were 26 cents, down 21 percent sequentially and up 86 percent from 14 cents in the first quarter of 2003.

In 2003, Intel posted second-quarter revenue of $6.8 billion. Second quarter net income was $896 million. Earnings per share were $0.14.

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