Stock index futures pointed to a slightly higher open on Wednesday ahead of the release of U.S. CPI data but disappointing quarterly reports from UBS and Intel Corp weighed on the market.

* Nasdaq 100 futures pointed to a lower open after Intel Corp beat quarterly expectations and declared the worst was over for a battered tech sector, but its shares slid down 4.4 percent to $15.30 in premarket trade after it said economic uncertainty ruled out a clear revenue forecast

* U.S. CPI data, due out at 8.30 a.m. EDT, could contain ominous signs for those worried about deflation. Prices are expected to have ticked up a tenth of a percent in March from February, both month-to-month and on a core basis, which excludes food and energy.

* Swiss bank UBS said on Wednesday it was cutting a further 8,700 jobs as the company reported a first-quarter loss. UBS said it sees pressure on revenues continuing for some time in an internal memo to staff obtained by Reuters.

* It is going to be as much about economic data today as it is about corporate earnings, said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.

* What were really looking to see is how much of an effect we see on deflation, anything that's eye-popping outside of the consensus would certainly be conceived as negative news. Its virtually impossible to get this economy to grow again in a deflationary environment.

* Intel was better than expected last night but as we come in this morning UBS came out lighter than expected, he continued. The push pull there is at the very best neutral territory in early trade.

* S&P 500 futures rose 0.9 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 33 points, and Nasdaq 100 futures lost 8.50 points.

* Peabody Energy , whose coal powers about 10 percent of U.S. electricity generation, is expected to report a big jump in first-quarter profit despite the global economic downturn. Analysts on average expect Peabody to report earnings of $1.00 per share -- up from 26 cents per share in the same quarter of last year, according to Reuters Estimates.

* Abbott Laboratories reported earnings growth of 16 percent in the first quarter and confirmed a double-digit growth outlook for 2009. It sees 2009 global growth of 25 percent to 30 percent in sales of arthritis drug Humira. Shares slipped lower in premarket trading.

* AMR Corp , parent of American Airlines, is expected to report a wider first-quarter loss, as consumers and businesses reduce travel in the recession.

* eBay Inc said on Tuesday it plans a public offering for its Skype Internet telephone company.

* Industrial production data is on tap at 9.15 a.m. EDT, while manufacturing data for the New York area is due at 8.30 a.m. EDT.

* Yahoo Inc is preparing to lay off several hundred workers in the first round of cuts since Carol Bartz became chief executive in January, a source with knowledge of the situation told Reuters.

* The Wall Street Journal reported that JPMorgan Chase & Co , Wells Fargo & Co and others stepped up foreclosures on delinquent homeowners, a move that could further depress home prices.

* The U.S. government is considering swapping some of the $13.4 billion it lent General Motors for ownership in a stripped-down version of the auto maker, a move it hopes will push the United Auto Workers union and bondholders to accept similar concessions, said the Wall Street Journal, citing people familiar with the matter.

* U.S. stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit.

(Reporting by Edward Krudy; Editing by Theodore d'Afflisio)