Top Tech Stocks
Technology stocks were broadly higher today with shares of
technology companies in the S&P 500 jumping over 1.2% as a
In company news, IBM (
) was helping the Dow Jones Industrial Average Tuesday to close in
on its 17,000 threshold after the tech giant announced a strategic
outsourcing agreement with Banco Popular.
The companies said the new partnership will help the Puerto
Rican bank company transform its technology infrastructure,
including a private cloud. The agreement is seen as saving Banco
Popular as much as $200 million over the next 10 years.
IBM received 41 technology infrastructure employees from Banco
Popular as part of the transaction.
Separately, IBM Tuesday said it signed a five-year services
agreement with Qvantel, helping the business-services firm blend
its cutting-edge cloud infrastructure with Qvantel's systems of
Financial terms of either contract were not disclosed.
IBM shares were up about 3% in late trade at $186.74 a share,
easing slightly from its session high of $187.27 a share. The stock
has a 52-week range of $172.19 to $200.94 a share, declining about
0.25% in value over the past 12 months.
In other sector news,
(+) ANET, Analysts at least eight firms - including RBC Capital
Markets and Deutsche Bank - today begin coverage of the cloud
networking company with Buy ratings or their equivalent following
its June 6 initial public offering.
(-) AYI, Q3 earnings of $1.00 per share miss analyst consensus
by $0.13 per share. Revenue climbs 11.5% year over year to $603.9
mln, below estimates looking for $609.52 mln in revenue.
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