Tech stocks: Intel drops after earnings report

Chip maker Intel said Thursday that fourth-quarter net income rose 6% as higher sales of other products offset flat demand for its personal computer chips. By about 5 p.m. ET, its stock slid 3% to $25.54 per share following the after-hours announcement. That's on top of a loss of 0.5% during regular trading.The company is transitioning from PCs toward mobile devices.Analysts had forecast an earnings per share of 52 cents for the fourth quarter; the actual amount came in a cent below that, with earnings of $2.63 billion..Intel is continuing its push toward creating chips for smartphones and tablets, and even announced a series of wearable computing products during last week's International Consumer Electronics Show. The devices include a smart watch and smart ear buds.

Last month, Citi upgraded its rating for Intel to "Buy," citing better-than-expected guidance on PC shipments.
Shares of AOL jumped 12.3% in regular trading, to $53.06, after the media company revealed its plan for the beleaguered local news service Patch.
AOL says it will partner with investment company Hale Global to run the service. According to terms of the deal, Hale Global will operate Patch and serve as its majority owner.
"Patch is an important source of information for communities, and the joint venture we created has a unified mission to provide local platforms and hyper-local content," said AOL CEO Tim Armstrong in a statement.
Patch has failed to generate any profits for AOL since its 2009 acquisition. The New York Times reports Patch has lost between $200-$300 million.
Shares of electronics chain Best Buy sunk nearly 30%, to $26.83, after the company reported lower sales during the crucial holiday season.