Sector Update: Tech Sector A Big Lift For Broader Markets; Big Blue Helps Lead Dow Near 17,000 Mark


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MSFT +0.42%

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IBM +3.01%

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GOOG +1.45%

Technology stocks were broadly higher today with shares of technology companies in the S&P 500 jumping over 1.2% as a group.

In company news, IBM ( 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 record.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: IBM

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