US STOCKS-Wall St edges lower after disappointing Intel results

Fri Jan 18, 2013 12:00pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Morgan Stanley up more than 5 pct after results

* Weak outlook weighs on Intel, down 6 pct

* U.S. Republicans weigh short-term debt limit increase

* Indexes down: Dow 0.2 pct; S&P 0.3 pct; Nasdaq 0.5 pct

By Angela Moon

NEW YORK, Jan 18 (Reuters) - U.S. stocks edged lower on Friday from a five-year high for the S&P 500 as a weak outlook from tech heavyweight Intel offset a better-than-expected quarterly profit at Morgan Stanley.

Shares of Intel Corp slumped 6.3 percent to $21.25 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.

"Intel earnings weren't that bad, although their revenue was weak. It sparks fears about not only the company but about the whole PC sector, and that's pressuring the market today," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

The Intel results were offset somewhat by a gain of more than 7 percent 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 7.4 percent to $22.29.   Continued...