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Software industry

Tech Stocks Edge Higher Amid High Oil Prices

Strategic Insights

— 1 min read

Investors regained confidence in technology stocks on Wednesday as the tech-laden Nasdaq Composite Index edged up 4.4 points to 2,083.14. Heavyweights like International Business Machines Corp. (IBM), Hewlett-Packard Co. (HPQ), and Microsoft Corp. (MSFT) contributed to the modest gains, while Apple Computer Inc. (AAPL) and Dell Inc. (DELL) slipped in early trades. Oracle Corp. (ORCL) gained 20 cents to $13.47 after announcing its purchase of privately held ProfitLogic Inc., further solidifying its business-software offerings in the retail segment.

Key Takeaways:

  • The Nasdaq Composite Index, which is heavily influenced by tech stocks, gained 4.4 points to 2,083.14, indicating a positive trend in the sector.
  • International Business Machines Corp. (IBM), Hewlett-Packard Co. (HPQ), and Microsoft Corp. (MSFT) posted modest gains, contributing to the overall rise in tech stocks.
  • Apple Computer Inc. (AAPL) and Dell Inc. (DELL) slipped in early trades, bucking the trend of their peers.
  • Oracle Corp. (ORCL) announced its purchase of privately held ProfitLogic Inc., a move aimed at expanding its business-software offerings in the retail segment.
  • Intel Corp. (INTC) rose 17 cents to $26.86, driven by strong sales of laptop chips.
  • UBS raised its second-quarter estimates for Intel, citing strong sales of laptop chips, with revised earnings estimates of 33 cents a share on sales of $9.3 billion.
  • Dell and Napster Inc. (NAPS) partnered to bring a new digital-music download service to U.S. college campuses.

Statistics:

  • Nasdaq Composite Index: 2,083.14 (up 4.4 points from previous trading day).
  • Amex Computer Technology Index: advanced 3.77 points.
  • Oracle Corp. (ORCL) stock price: $13.47 (up 20 cents from previous trading day).
  • Intel Corp. (INTC) stock price: $26.86 (up 17 cents from previous trading day).
  • UBS estimated Intel earnings: 33 cents a share on sales of $9.3 billion (up from previous estimate of 32 cents a share on sales of $9.2 billion).

Sources:

  • Dow Jones Commodities News Select via Comtex
  • Dow Jones Newswires
  • UBS
  • Intel Corp.

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