Intel Corporation (NASDAQ:INTC) today announced that the company’s fourth-quarter results are expected to be below the company’s previous outlook due to hard disk drive supply shortages. The company now expects fourth-quarter revenue to be $13.7 billion, plus or minus $300 million, on both a GAAP and non-GAAP basis, lower than the previous expectation of $14.7 billion, plus or minus $500 million.

Sales of personal computers are expected to be up sequentially in the fourth quarter. However, the worldwide PC supply chain is reducing inventories and microprocessor purchases as a result of hard disk drive supply shortages. The company expects hard disk drive supply shortages to continue into the first quarter, followed by a rebuilding of microprocessor inventories as supplies of hard disk drives recover during the first half of 2012.

The company now expects the fourth-quarter gross margin to be 64.5 percent, plus or minus a couple of percentage points, lower than the previous expectation of 65 percent, plus or minus a couple of percentage points. The expectation for a non-GAAP gross margin is 65.5 percent, plus or minus a couple of percentage points, lower than the previous expectation of 66 percent, plus or minus a couple of percentage points.

Here’s how chip stocks (NYSE:SMH) are reacting to the news:

Intel Corporation (NASDAQ:INTC): INTC shares recently traded at $24.05, down $0.96, or 3.84%. They have traded in a 52-week range of $17.60 to $23.56. Volume today was 18,994,347 shares versus a 3-month average volume of 63,739,000 shares. The company’s trailing P/E is 10.42, while trailing earnings are $2.31 per share. Get the most recent company news and stock data here >>

Advanced Micro Devices, Inc. (NYSE:AMD): AMD shares recently traded at $5.34, down $0.2, or 3.61%. They have traded in a 52-week range of $4.31 to $9.58. Volume today was 1,732,952 shares versus a 3-month average volume of 21,505,800 shares. The company’s trailing P/E is 3.80, while trailing earnings are $1.41 per share. Get the most recent company news and stock data here >>

NVIDIA Corporation (NASDAQ:NVDA): NVDA shares recently traded at $14.45, down $0.45, or 3.02%. They have traded in a 52-week range of $11.47 to $26.17. Volume today was 1,001,468 shares versus a 3-month average volume of 19,401,600 shares. The company’s trailing P/E is 13.84, while trailing earnings are $1.04 per share. Get the most recent company news and stock data here >>

Texas Instruments Inc. (NYSE:TXN): TXN shares recently traded at $29.13, down $0.81, or 2.71%. They have traded in a 52-week range of $24.34 to $36.71. Volume today was 1,845,512 shares versus a 3-month average volume of 12,980,800 shares. The company’s trailing P/E is 12.14, while trailing earnings are $2.40 per share. Get the most recent company news and stock data here >>

Broadcom Corp. (NASDAQ:BRCM): BRCM shares recently traded at $29.54, down $0.75, or 2.48%. They have traded in a 52-week range of $29.02 to $47.39. Volume today was 404,718 shares versus a 3-month average volume of 8,485,340 shares. The company’s trailing P/E is 17.78, while trailing earnings are $1.66 per share. Get the most recent company news and stock data here >>

Analog Devices Inc. (NYSE:ADI): ADI shares recently traded at $34.45, down $0.75, or 2.13%. They have traded in a 52-week range of $29.23 to $43.28. Volume today was 281,177 shares versus a 3-month average volume of 3,873,020 shares. The company’s trailing P/E is 12.26, while trailing earnings are $2.81 per share. Get the most recent company news and stock data here >>

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