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RealTime IT News

A New Recovery High For Tech

The Nasdaq closed at a new post-bear market high on Thursday, extending the index's recovery into its 10th month.

Behind anemic earnings from tech giants like HP lie strong results from names like Broadcom and Network Appliance , which gained 5-8% each on Thursday compared to a 0.2% gain for HP.

Also behind Thursday's gains were shares of securities firms like Symantec , Check Point and Network Associates , which stand to gain from the spate of viruses battering corporate networks. Amazon.com continued its amazing comeback with a new 52-week high, while the likes of Dell and Microsoft finished down slightly on the day.

The broader market edged higher on positive jobs and manufacturing data.

The Nasdaq surged 17 to 1777, the S&P 500 rose 2 to 1003, and the Dow climbed 26 to 9423. Volume rose to 1.41 billion shares on the NYSE, and 1.73 billion on the Nasdaq. Advancers led 20-11 on the NYSE, and 20-11 on the Nasdaq. Upside volume was 68% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 328-15 on the NYSE, and 348-9 on the Nasdaq.

After the close, Serena , Neoware , TiVo , Marvell , Novell and Autodesk beat estimates.

During the day, JDS Uniphase surged 10% on news of a new CEO.

Ciena gained 4% on earnings and a storage acquisition.

Microsoft , off 0.8%, issued a patch to address security concerns.

Corel shareholders approved a buyout.

Synopsis rose 1% on its earnings, while ADC Telecom fell 7% on a warning.

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