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US stocks flat as Intel cuts 12,000 jobs

AFP

Shares of chipmaker Intel edged up Wednesday after it announced plans to cut 12,000 jobs, while US stocks opened little changed following mixed earnings reports.

Five minutes into trade, the Dow Jones Industrial Average was at 18,058.22, up 4.62 points (0.03 percent).

The broad-based S&P 500 edged up 0.11 (0.01 percent) to 2,100.91, while the tech-rich Nasdaq Composite Index dipped 3.57 (0.07 percent) to 4,936.76.

Dow member Intel added 0.3 percent after saying it would trim about 11 percent of its staff as it refashions itself away from the declining personal computers market and toward wearables and other mobile technology.

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Earnings in the first quarter at Intel rose three percent to $2.0 billion.

Among other companies reporting earnings, Dow member Coca-Cola fell 3.7 percent, while Abbott Laboratories climbed 0.6 percent.