News Summary: Intel sees weak 4Q

SANTA'S DETOUR: Intel expects the usual holiday bounce in PC sales to be cut in half this year, due to a confluence of factors. Tablets are cutting into PC sales, the global economy is sputtering, and Microsoft is launching a radical update to Windows that faces an uncertain reception.

THIRD QUARTER: After cutting its forecast twice, Intel beat expectations. It reported third-quarter net income of $2.97 billion, down 14 percent from a year ago, and revenue of $13.5 billion, down 5.5 percent.

THE OUTLOOK: For the fourth quarter, Intel expects revenue of $13.6 billion, slightly below analyst expectations.