New Intel Chip:

Intel Corp. introduced its Pentium 4 processor at 1.7 gigahertz, the company’s highest-performance microprocessor for desktop computers and, as expected, slashed prices on the chip by as much as 51%. Intel said it expects computer makers worldwide to launch systems based on this new microprocessor, which is available immediately, in 1,000-unit quantities, for $352. Santa Clara, Calif.-based Intel also said the price for the Pentium 4 running at 1.5 gigahertz will drop to $256 from $519 and the price for the 1.4 gigahertz Pentium 4 will fall 49% to $193 from $375. Shares of Intel fell $2.11 to close at $30.32 on Nasdaq.