Intel (INTC) Drops on Earnings Cut

Shares of Intel (NASDAQ:INTC) dropped today after FBR Capital Markets slashed its earnings per share estimates on the in the first quarter from 51 cents a share to 48 cents a share.

Concerns over the impact of growing tablet sales on PCs and notebooks were the impetus behind the earnings being lowered, according to FBR.

Sales of Sandy Bridge also appear to be weaker than expected, putting pressure on Intel.

Intel was trading down at $20.01, falling $0.45, or 2.20 percent, as of 12:36 PM EDT. FBR also dropped its price target on Intel from $27 to $25 a share.