Tech Stocks Edge Higher Ahead of Earnings Reports
Investors looked ahead to earnings reports from prominent tech companies, sending the Nasdaq Composite Index up 7.88 points to 2,120.76. Apple Computer, Sun Microsystems, and Advanced Micro Devices Inc. were among the reports due this week. Despite small gains from Microsoft Corp. and Oracle Corp., Apple, Dell Inc., and Cisco Systems Inc. fell. Meanwhile, Hewlett-Packard Co. rose after releasing new printing products, and Adobe Systems slipped after the Justice Department made a second request for information on its proposed acquisition of Macromedia.
Key Takeaways:
- The Nasdaq Composite Index rose 7.88 points to 2,120.76, driven by earnings reports from Apple Computer, Sun Microsystems, and Advanced Micro Devices Inc.
- Apple, Dell Inc., and Cisco Systems Inc. fell, despite small gains from Microsoft Corp. and Oracle Corp.
- Hewlett-Packard Co. rose 8 cents to $24.36 after releasing new printing products aimed at increasing the speed of photo printing.
- Adobe Systems slipped 29 cents to $27.64 after the Justice Department made a second request for information on its proposed acquisition of Macromedia.
- The Philadelphia Semiconductor Index advanced 4.55 points, lifted by gains from Texas Instruments, Freescale Semiconductor Inc., Micron Technology, and Maxim Integrated Products Inc.
- Maxim Integrated rose 73 cents to $40.36, and was upgraded by Goldman Sachs to outperform, citing its strong position in the analog chip market.
Statistics:
- Nasdaq Composite Index: 2,120.76
- Nasdaq Composite Index increase: 7.88 points
- Amex Computer Technology Index: up 1.94 points
- Hewlett-Packard Co. stock price: $24.36
- Adobe Systems stock price: $27.64
- Maxim Integrated stock price: $40.36
- Philadelphia Semiconductor Index increase: 4.55 points
Sources:
- Dow Jones Commodities News Select via Comtex
- Wall Street Journal