Intel Corp. (INTC) shares declined after the world's largest chip maker posted results that trounced analyst expectations, with earnings coming in at 11 cents a share, versus expectations of 3 cents a share. Sales also topped estimated. But the problem was a very cautious outlook and sketchy guidance and investors didn't seem much impressed with its proclamation that slumping personal computer sales have "bottomed out." INTC shares declined 4.5 percent before the bell.
UBS AG (UBS), Switzerland's largest bank, added some concerns to financials this morning when it said it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that it will cut 8,700 jobs worldwide by the end of next year. UBS shares declined 2.5 percent in pre-market trade.