US STOCKS-Wall Street little changed; Intel drags, Morgan Stanley up

Fri Jan 18, 2013 10:29am EST
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* Morgan Stanley up more than 5 pct after results

* Weak outlook weighs on Intel, down 6 pct

* China economic growth beats expectations

* Dow up 0.1 pct, S&P down 0.1 pct, Nasdaq down 0.2 pct

By Leah Schnurr

NEW YORK, Jan 18 (Reuters) - U.S. stocks opened little changed on Friday, a day after the S&P 500 rose to its highest level in five years, as a weak outlook from Intel offset a fourth-quarter profit at Morgan Stanley.

Shares of Intel Corp slumped 6.1 percent to $21.30 after the tech company forecast quarterly revenue that was below analysts' estimates and hiked capital spending plans for the year.

That was offset somewhat by a 5-percent gain in shares of Morgan Stanley, which reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business. Its stock jumped 5.3 percent to $22.84.

The earnings season so far has been mixed, but that could change with a barrage of releases scheduled for next week, said Doug Cote, chief market strategist, ING Investment Management in New York.   Continued...