RealTime IT News

Takeover Tuesday Boosts Stocks

A higher than expected acquisition price for AT&T Wireless put a bid under stocks Tuesday.

Sprint PCS and Nextel rose on speculation that they could now become takeover targets in a wave of consolidation in the wireless sector.

There was less harmonious merger news for Comcast , which was rejected by Disney .

The Nasdaq surged 26 to 2080, the S&P 500 gained 11 to 1156, and the Dow rose 87 to 10,714. Volume rose to 1.39 billion shares on the NYSE, but declined to 1.63 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 79% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 379-4 on the NYSE, and 222-8 on the Nasdaq.

After the close, Netease and Network Appliance beat estimates. Broadcom boosted guidance, and Agilent missed estimates.

During the day, RealNetworks soared 21% on several European wireless wins.

QLogic slipped on the resignation of its CFO.

Applied Materials edged higher ahead of its earnings report Wednesday night. HP rose ahead of its earnings report on Thursday.

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