Tech Stocks Waver Amid Oil-Price Jitters

Strategic Insights -

Tuesday's trading session saw tech stocks swing in various directions due to concerns over oil prices and earnings reports. The tech-rich Nasdaq Composite Index closed at 2,067.12, a 9.75-point increase from the morning's lows. Apple and Gateway saw gains, while IBM, HPQ, and Cisco Systems slipped. Apple's shares rose 96 cents to $37.46, boosted by First Albany's higher earnings and revenue forecasts for the company's new Tiger operating system and iPod music player.

Key Takeaways:

  • The Nasdaq Composite Index rose 9.75 points to 2,067.12, while the Amex Computer Technology Index added 3.4 points.
  • Apple Computer Inc. gained 96 cents to $37.46, following First Albany's upgraded earnings and revenue forecasts for the company.
  • Gateway Inc. rose 19 cents to $3.46, after receiving three contracts to supply personal computers and display products to the state of California.
  • Mercury Interactive Corp. declined 87 cents to $37.34, citing lower-than-expected second-quarter financial targets and an anticipated revaluation of deferred revenue.
  • Broadcom Corp. filed an antitrust lawsuit against Qualcomm Inc., alleging licensing and other practices in cellular technology and products violate antitrust laws.
  • Affiliated Computer Services Inc. acquired LiveBridge Inc. for $32 million cash, expanding into the financial and telecommunications industries.
  • Intel Corp., Texas Instruments Inc., and Advanced Micro Devices Inc. were among the leading advancers in the semiconductor segment.
  • The Philadelphia Semiconductor Index added 4 points, with Broadcom Corp. rising 14 cents to $36.24.

Statistics:

  • The Nasdaq Composite Index rose 9.75 points to 2,067.12.
  • Apple Computer Inc. gained 96 cents to $37.46.
  • Portal Computer Services Inc. declined 35 cents to $51.44.

Sources:

  • Dow Jones Commodities News Select via Comtex, Jul 05, 2005
  • Dow Jones Newswires, Jul 05, 2005
  • First Albany
  • Gateway Inc.
  • Mercury Interactive Corp.
  • Broadcom Corp.
  • Qualcomm Inc.
  • Affiliated Computer Services Inc.
  • COMTEX (http://www.comtexnews.com)