Technology Stocks Surge as Dow Jones U.S. Technology Index Climbs 2.4%

Strategic Insights -

As the closing bell neared, technology stocks managed to add to earlier gains, with the Dow Jones U.S. Technology Index jumping 13.78, or 2.4%, to 587.96. Microsoft (MSFT) and Apple (AAPL) both saw their shares rise 1.9% to $26.31 and $262.11, respectively, after announcing the release of an updated version of Microsoft Office software for Apple's Macintosh. Meanwhile, VeriSign (VRSN) was expected to report a profit of $0.24 per share on revenue of $167 million in tonight's after-hours session, while Research in Motion (RIMM) shares slumped as the United Arab Emirates threatened to suspend service for the BlackBerry smartphone device due to security concerns.

Key Takeaways:

  • The Dow Jones U.S. Technology Index surged 13.78, or 2.4%, to 587.96, driven by gains in technology stocks.
  • Microsoft (MSFT) and Apple (AAPL) both saw their shares rise 1.9% to $26.31 and $262.11, respectively, after announcing plans to release an updated version of Microsoft Office software for Apple's Macintosh.
  • VeriSign (VRSN) was expected to report a profit of $0.24 per share on revenue of $167 million in tonight's after-hours session, according to analysts polled by Thomson Reuters.
  • Research in Motion (RIMM) shares slumped as the United Arab Emirates threatened to suspend service for the BlackBerry smartphone device due to security concerns.
  • The United Arab Emirates had demanded access to encrypted messages sent over the devices, prompting Research in Motion to issue a statement defending its encryption methods.
  • The move highlighted ongoing security concerns related to the use of BlackBerry mobile devices, particularly in the Middle East and North Africa.

Statistics:

  • The Dow Jones U.S. Technology Index increased by 13.78 points, representing a 2.4% gain.
  • Microsoft (MSFT) shares rose 1.9% to $26.31.
  • Apple (AAPL) shares rose 1.9% to $262.11.
  • VeriSign (VRSN) was expected to report a profit of $0.24 per share on revenue of $167 million.
  • Research in Motion (RIMM) shares declined by 0.43% to $57.28.

Sources:

  • MidnightTrader.com, August 2, 2010.
  • Thomson Reuters, data not specified.
  • Comtex News Network, Inc., July 29, 2010.
  • Comtex SmarTrend Alert, July 19, 2010.
  • Comtex SmarTrend Alert, July 14, 2010.
  • Comtex SmarTrend Alert, July 12, 2010.