Charter Equity analysts downgraded shares of Intel Corp (NASDAQ: INTC) from “Buy” to “Market Perform” saying that the company’s move was based on Intel’s downward revision of Q3 2010 revenue and weaker gross margins.

Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. The Company designs and manufactures computing and communications components, such as microprocessors, chipsets, motherboards, and wireless and wired connectivity products, as well as platforms that incorporate these components. It operates in nine operating segments: PC Client Group, Data Center Group, Embedded and Communications Group, Digital Home Group, Ultra-Mobility Group, NAND Solutions Group, Wind River Software Group, Software and Services Group and Digital Health Group. During the fiscal year ended December 26, 2009 (fiscal 2009), it acquired Wind River Systems, Inc. In May 2010, Micron Technology, Inc. acquired Numonyx B.V.

Shares of INTC traded down 1.96% on Monday hitting $18.01 during mid-day trading.

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CLSA analyst Mike Mayo has expanded his rhetoric in his battle with Citigroup, Inc (NYSE: C), issuing a note to investors saying that the large bank cannot be trusted to provide investors with accurate information about its financial condition or future plans to make money, and that the company is setting the stage for major problems similar to those which caused the bank to nearly fail in 2008, prompting a multi-billion dollar bankruptcy.

Fox Business obtained the note which has text of Mayo’s research note. We believe that Citigroup’s financial targets can encourage short-term excesses over long-term prudence,” wrote Mayo in a note to investors on Tuesday titled “a Matter of Trust.” He added, “Citi has an aggressive financial target of 5% asset growth when so much of its past problems stem from excessive asset growth.”

Mayo continued to take issue with Citigroup, Inc (NYSE: C)’s Deferred Tax Assets, which are tax credits under which certain circumstances the bank can use to bolster its capital levels and profit. Mayo said that Citigroup, Inc (NYSE: C) relies on these DTA to keep its balance sheet strong more than any of the other majors banks and said  Citi is failing to write-down major portions of its DTAs, which Citi has denied.

“Citi’s deferred tax asset — $50 billion — is more than twice as large as any other US corporation and the largest as a percentage of tangible equity among large banks (39%), but it has not recognized any write-down (or related adjustment) even though most other companies in a similar position (3 years of cumulative losses) have taken write-downs,” Mayo wrote. “This position is further supported by news that the SEC has investigated these issues. In short, the company claims no DTA adjustment is warranted based on its projected earnings over the next couple of decades. More importantly, accounting precedents seem to us to warrant that a write-down is necessary. The stakes are raised since the lack of a write-down could lead to investor lawsuits later on.”

The note will likely escalate tensions between Mayo and Citigroup, Inc (NYSE: C) CEO Vikram Pandit, who has not taken a meeting with Mayo for more than two years.  Mayo has also been shunned by Citigroup, Inc (NYSE: C)’s management after he said that the bank might have to take as much as a $10 billion write-down for improperly accounting its deferred tax assets (DTAs).

Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.

Shares of Citigroup, Inc (NYSE: C) traded down 0.41% hitting $3.65 during mid-day trading on Tuesday.

This article (Citigroup, Inc (NYSE: C)’s War with Mike Mayo Continues) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.