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SHORT: Intel protests Proposition 211

In protest of a California state proposition on the November ballot that would make it easier for shareholders to sue companies, Intel (INTC) said it won't provide forward-looking statements in its upcoming third-quarter results and has canceled a financial analysts meeting scheduled for later this month. Intel, along with a number of Silicon Valley companies, oppose Proposition 211 out of fear that it would increase the number of frivolous shareholder lawsuits. Specifically, Intel said companies would lose some protection currently provided when giving forward-looking statements on their operations.

In protest of a California state proposition on the November ballot that would make it easier for shareholders to sue companies, Intel (INTC) said it won't provide forward-looking statements in its upcoming third-quarter results and has canceled a financial analysts meeting scheduled for later this month. Intel, along with a number of Silicon Valley companies, oppose Proposition 211 out of fear that it would increase the number of frivolous shareholder lawsuits. Specifically, Intel said companies would lose some protection currently provided when giving forward-looking statements on their operations.