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Intel (INTC) was up 12.3% in preopen Island trading. After the close, the chip giant posted first-quarter earnings of 16 cents per share, above the reduced Thomson Financial/First Call estimate of 15 cents but down from 43 cents a year earlier.

Intel said second-quarter sales would be down about 20% from the same period last year, but the company forecast a "seasonally strong" second half. Last month, the company said it would cut 5,000 jobs through attrition.