Tech Stocks Lead Market Rebound
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Tech stocks led a rebound from Friday's steep market plunge, and Apple kept the party hopping after hours with yet another blowout quarter.
Apple reported quarterly sales of $6.22 billion, up 29% and $150 million better than expected, while earnings of $1.01 a share topped Wall Street forecasts by 15 cents. The normally conservative company also took the unusual step of raising guidance to $1.42 earnings and $9.2 billion in sales, both better than anticipated.
Apple shipped 2.2 million Macs in the quarter and sold 1.12 million iPhones and 10.2 million iPods.
Netflix also jumped on its results in late trading, but TI shares fell after the company met estimates but lowered current quarter guidance.
Stocks recovered some of Friday's steep losses during Monday's trading session, led by a 1% gain in the Nasdaq.
Google continued to gain in the wake of another stellar quarter, adding another 1%.
RadiSys jumped 17% on a Cantor Fitzgerald upgrade, while Cirrus gained 13% on an upgrade from Longbow Research ahead of Wednesday's earnings report. Sierra Wireless was up 5% on a Raymond James upgrade ahead of its results on Thursday.
Zebra Tech and Ceragon Networks jumped on better than expected quarterly results.
Silicom plunged 24% on no apparent news a week ahead of its earnings report.
In another busy week for earnings, Amazon will report its quarterly results on Tuesday, along with Novellus, Juniper and Broadcom, and Microsoft, Motorola and EMC will report on Thursday, among other tech names reporting this week.
The Nasdaq rose 28 to 2753, the S&P added 5 to 1506, and the Dow gained 44 to 13,566. Volume declined to 3.45 billion shares on the NYSE, and 2 billion on the Nasdaq. Advancers led by an 18-14 margin on the NYSE, and 17-12 on the Nasdaq. Upside volume was 58% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 33-205 on the NYSE, and 62-224 on the Nasdaq.