Intel down 3% in premarket after guiding FY14 rev below expectations, gross margin ~in-line at Investor Day
INTC is down 3% in the premarket following it Investor Meeting where co guided for FY14 revenue flat YoY (consensus calls for FY14 rev +1.7% to $53.5 bln from $52.6 bln in FY13); with gross margin at midpoint of long term range of 55-65% (consensus ~60%); operating income flat YoY with spending as a % of rev flat. Co said the PC market is stabilizing. See 6:20 and &:42 comments for FBR Captial and Mizuho's takeways.