TECH STOCKS: Cisco, Qualcomm Lead Broad Tech Advance
By Rex Crum
Tech stocks came to life in early trading Thursday as gains from the likes
of Cisco Systems Inc. and Qualcomm Inc. helped power a broad, sectorwide rally.
Cisco (CSCO) shares climbed 60 cents to $23.68 after the networking gear maker
posted first-quarter results late Wednesday that topped Wall Street analysts'
forecasts. Cisco reported a profit of $1.8 billion, or 30 cents a share, on $9
billion in revenue.
Qualcomm (QCOM) shares were also on the rise, climbing $1.53, or 3.6%, to $
43.11. Late Wednesday, the wireless technology company reported mixed fourth-
quarter results, but also said it extended a license agreement with Samsung, one
of its top customers.
Electronics contract manufacturer Sanmina-SCI Corp. (SANM) saw its shares rise
$1.10, or more than 16%, to $7.75 after the company cut its fourth-quarter loss.
Late Wednesday, Sanmina said it lost $32.3 million, or 41 cents a share,
compared with a loss of $485.2 million, or $5.48 a share, during the same period
a year ago. Revenue fell 21% to $2.35 billion.
However, Sanmina's Chief Executive, Jure Sola, said the company believes the
worst of the recession is over and expects demand to rise in 2010.
With Cisco, Qualcomm and Sanmina leading the way, the tech-heavy Nasdaq
Composite Index (RIXF) rose almost 35 points, or 1.7%, to 2,090. The Morgan
Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX)
were each up about 2%.
Gains also came from video game publisher THQ Inc. (THQI) which rose 29 cents
a share, or almost 6%, to $5.30, and on-demand corporate software company
Netsuite Inc.(N), which rose 69 cents a share, or almost 5%, to $15.34. Both
companies reported quarterly results late Wednesday.
Other advancers included Apple Inc. (AAPL), Microsoft Corp. (MSFT), Hewlett-
Packard Co. (HPQ), IBM Corp. (IBM), Google Inc. (GOOG) and Yahoo Inc. (YHOO).
(END) Dow Jones Newswires
11-05-091057ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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