Intel first quarter results boost tech stocks

After the close last night, Intel Corp. (INTC) on reported a large rise in first-quarter profit as strong sales of PC's and server chips helped the company. The company reported a profit of $2.4 billion, or 43 cents a share versus expectations of 38 cents, and compared with a profit of $629 million, or 11 cents a share, in the same period in 2009. Revenue was $10.3 billion, up from $7.1 billion in the same quarter the previous year versus analyst estimates of $9.8 billion. Revenue in the PC Client group, the company's largest business unit, rose 43% to $7.67 billion compared with the same quarter last year.

Intel Chief Executive Paul Otellini said "A year ago at this time, the industry was in the midst of a sharp correction with many expecting it to continue for an extended period,but we saw signals of it bottoming then and now a year later the industry is nearly fully recovered."

The shares rose 4% after hours to $23.67. Intel also issued a better-than-expected sales forecast for the second quarter of $10.2 billion and raised margin expectations.

Intel's results are a good sign for PC related, software and semi-conductor stocks such as Microsoft, Hewlett Packard, AMD and ASML.

Soros warns of Greek death spiral

The man that "broke the Bank of England" George Soros,  has said that Greece still faces the danger of a “death spiral” because the cost of borrowing in the euro region’s rescue package is too expensive.

At a meeting yesterday he said "If you start charging very high rates as the market does in anticipation of solvency then that pushes you into insolvency. If they don’t they have then to tighten even further, then your tax receipts go down and the economy goes further into tanking and then you go into a death spiral. That is the danger that is still remaining. The consequences of Greece leaving the euro would be the disintegration of the euro,” Soros said. “The disintegration of the euro would take a very long way toward the disintegration of the European Union.

On April 11 the Euro zone countries agreed a 30 billion-euro ($41 billion) aid package to Greece which gave it loans at 5 percent.