NEW YORK (CNN/Money) - Intel Corp. shares may be a stock to watch Wednesday, a day after the No. 1 chipmaker posted strong first-quarter results but barely missed the consensus sales target.

The Santa Clara, Calif.-based company earned $1.7 billion, or 26 cents a share in the quarter, an 89 percent increase from net income of $915 million, or 14 cents a share, in the year-earlier quarter.

A $225 million charge stemming from the settlement of a patent infringement dispute with Integraph reduced earnings by about 1.7 cents a share. Analysts surveyed by First Call were expecting earnings of 27 cents a share.

Revenue, meanwhile, soared 20 percent to $8.1. billion from $6.8 billion in the year-earlier quarter, but missed consensus estimates of $8.16 billion.

Shares of Intel (INTC: Research, Estimates) edged 1.2 percent lower to $27.33 in after-hours trade on the INET electronic brokerage after having closed at $27.67 on the Nasdaq.

McDonald's Corp. (MCD: Research, Estimates) said its same-store sales for March rose 11.5 percent and 17.5 percent for the first-quarter compared to the year-earlier period.

The world's largest fast-food restaurant also said it expects to earn 40 cents per share during the first-quarter.

Its shares slipped by 2.6 percent to $27.55 on INET following its $28.27 New York Stock Exchange closing price.

Kraft Foods Inc., North America's largest food maker, announced its Chief Executive Roger Deromedi is "making a complete recovery" from a recent illness diagnosed as a viral infection accompanied by acute dehydration.

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Deromedi is expected to return to work on May 10 after having been hospitalized more than two weeks ago with what the company then said was an "undiagnosed" illness. Kraft Chairman Louis Camilleri had assumed leadership over the CEO's direct reports in the interim.

Kraft's (KFT: Research, Estimates) shares moved marginally higher from its $30.84 New York Stock Exchange closing price to $30.98 on INET.

Looking ahead, Bank of America (BAC: Research, Estimates), Apple Computer (AAPL: Research, Estimates) and Texas Instruments (TXN: Research, Estimates) are set to report their quarterly results on Wednesday while Citigroup (C: Research, Estimates), IBM (IBM: Research, Estimates) and Sun Microsystems (SUNW: Research, Estimates) will present their figures on Thursday.

Friday brings early morning earnings reports from E*Trade (ET: Research, Estimates) and Nokia (NOK: Research, Estimates).  

--from staff and wire reports