Palm, Level 3 Lead Tech Stocks Higher
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Big gains in shares of Palm (NASDAQ: PALM) and Level 3 (NASDAQ: LVLT) led the stock market to new highs for the year on Thursday, but a late bout of selling erased most of the day's gains.
Palm shares jumped 12% after the company named a former exec from rival Apple (NASDAQ: AAPL) as its new CEO. Apple shares ended the day modestly lower, while Research in Motion (NASDAQ: RIMM) rose more than 2%.
Level 3 added 24% on top of a 19% gain yesterday on reports that the company is discussing a long-distance joint venture with Sprint (NYSE: S).
Satyam (NYSE: SAY) fell 13% after investors took profits following a 36% gain yesterday.
Dell (NASDAQ: DELL) rose again, adding 2.6% on speculation that recent moves suggest the company could be weighing acquisitions.
Corel (NASDAQ: CORL) continued to rise on no apparent news, up 28%.
Qualcomm (NASDAQ: QCOM) slipped fractionally after raising financial guidance but keeping its outlook cautious.
The broader market gained on improving retail sales and jobless claims and a stronger Treasury auction, but late selling nearly erased the day's gains.
The Nasdaq rose 9 to 1862, the S&P 500 climbed 5 to 944, and the Dow added 31 to 8770. Volume rose to 5.5 billion shares on the NYSE, and 2.49 billion on the Nasdaq. Advancers led by a 23-13 margin on the NYSE, and 17-9 on the Nasdaq. Upside volume was 65% on the NYSE, and 55% on the Nasdaq. New highs-new lows were 36-48 on the NYSE, and 49-13 on the Nasdaq.