Chip Stocks Lead Ahead of Oracle, RIM Results
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Chip stocks surged Wednesday on news of Intel's (NASDAQ: INTC) latest antitrust troubles, while the rest of the tech sector braced for quarterly results from Research in Motion (NASDAQ: RIMM), Oracle (NASDAQ: ORCL) and Palm (NASDAQ: PALM).
AMD (NYSE: AMD) and Nvidia (NASDAQ: NVDA) were among the chip stocks gaining on the Intel news, while Broadcom (NASDAQ: BRCM) rose 4.5 percent after raising its financial outlook.
Adobe (NASDAQ: ADBE) also added 4 percent on better than expected results and guidance.
The broader market gave up its gains after the Federal Reserve said it will withdraw some of its liquidity measures beginning in February.
On Thursday, investors will watch for quarterly results from Research in Motion, Oracle, Accenture (NYSE: ACN) and Palm.
Analysts expect RIM to report a 36 percent sales increase to $3.78 billion and earnings of $1.04 a share, according to Thomson Reuters. Investors are expecting earnings of 36 cents a share from Oracle on flat sales of $5.69 billion, while Palm investors are looking for a big jump in sales accompanied by a big loss.
The Nasdaq rose 5 to 2206, the S&P 500 added 1 to 1109, and the Dow slipped 10 to 10,441. Volume rose to 4.83 billion shares on the NYSE, and 2.04 billion on the Nasdaq. Advancers led by a 24-13 margin on the NYSE, and 15-11 on the Nasdaq. Upside volume was 54 percent on the NYSE, and 63 percent on the Nasdaq. New highs-new lows were 382-54 on the NYSE, and 151-27 on the Nasdaq.