Intel Reforecast Down; Nortel Tanks; Microsoft's Record Fine

When the chips are down... JPMorgan Chase analysts: Intel, the world's largest computer chip maker,

may earn less in the next two years than previously estimated because of weak demand for personal computers and an inventory glut.

JPMorgan analyst Christopher Danely: "We believe the lower than expected revenue

is being driven by excess microprocessor inventory in the channel and decelerating PC demand.

Despite our lowered estimates today, we believe additional downside exists."

ET No Phone Home... Nortel Networks, North America's largest telephone equipment maker,

announced plans to cut 2,100 jobs after posting a fifth loss in six quarters ($844 million) amid declining sales.

Billy Gates Pocket OS Change... Microsoft, the worlds largest software company, was fined a record $1.35 billion by the EU

for failing to comply with a 2004 antitrust order to stop overcharging for using its patents to connect to Windows.