Intel stocks fall 6.7 percent: Otellini says economy is fragile

Intel Corp. (NASDAQ:INTC) has seen its stocks fall as much as 6.7 percent in European trading, following comments made by CEO, Paul Otellini. He said that the company still faces a “fragile global economic environment.” Otellini certainly had a lot to say, he added that sales of personal computer processors bottomed out in the first quarter as computer manufacturers used up its stockpile of parts.

Bloomberg said that Otellini said that the worst slump is “probably now behind us,” and that Intel is not ready to predict growth this quarter. This did not go down well with investors, and were left disappointed; this had a knock on effect with its share prices.

In German trading yesterday, Intel shares fell by as much as $1.07, that is equivalent of $14.94, shares finally closed at $16.01 on the Nasdaq Stock Market. Intel expects little change in this quarter, the last quarter Intel had sales of $7.1 billion.