Intel sees a bottom in PC sales, but it's the rest of the stock market that benefits.

The stock market rebounded on Wednesday, but chip stocks were left behind on a mixed outlook from Intel (NASDAQ: INTC).

Intel shares slumped 2.4% after the company called a bottom in the PC market but issued a cautious outlook for the second quarter.

The news weighed on the chip sector. The Philadelphia Semiconductor Index (PHI: SOX) lost 1.5%. AMD (NYSE: AMD), which will report its results next week, fell 5.2%, and chip equipment makers were weak on news that Intel plans to cut capital spending. Applied Materials (NASDAQ: AMAT) shed 2.8%.

But the rest of the market gained on optimism that an economic recovery is near, and even the Nasdaq ended the day up fractionally.

Google (NASDAQ: GOOG) rose and Nokia (NYSE: NOK) fell ahead of their earnings reports due out on Thursday.

Analysts expect Google to report earnings of $4.93 a share on a 10.5% increase in sales to $4.08 billion, according to Thomson Reuters. Nokia is expected to report a 34% decline in sales to $12.71 billion.

Microsoft (NASDAQ: MSFT), Cisco (NASDAQ: CSCO), Oracle (NASDAQ: ORCL), Dell (NASDAQ: DELL) and Amazon (NASDAQ: AMZN) also ended the day on the downside, but HP (NYSE: HPQ) tacked on 2.1% on reports that it will unveil a new server system on Monday.

Micron (NYSE: MU) rose 4.7% on plans to raise $200 million.

Ключевые слова: Google, Intel, Nokia, stock market, stocks

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