ADC Telecom, Baidu Lead Tech Stock Comeback

Stocks bounced sharply Tuesday on hopes that a financial rescue package for troubled Greece may be on the way.

ADC Telecom (NASDAQ: ADCT) led tech stocks with a 21 percent gain after reporting a better than expected adjusted profit of 2 cents a share. The company also benefited from a "strong buy" rating from CL King.

After the close, Baidu (NASDAQ: BIDU) shares jumped more than 5 percent after the company reported 40 percent sales growth — and said it expects around 50 percent growth in the current quarter.

The major indexes gained as much as 1.5 percent on the day, but that was still almost 1 percent off their highs for the day as doubts emerged about a rescue plan for troubled EU countries.

VMware (NYSE: VMW) and Broadcom (NASDAQ: BRCM) solidly outperformed the Nasdaq's 1.2 percent gain, but Palm (NASDAQ: PALM) shares fell by 4 percent and Atmel (NASDAQ: ATML) lost 10 percent on its results.

Brocade (NASDAQ: BRCD) shed 2 percent despite a Broadpoint AmTech upgrade ahead of its earnings report in two weeks, while four companies that will report quarterly results next week — Dell (NASDAQ: DELL), HP (NYSE: HPQ), NetApp (NASDAQ: NTAP) and Applied Materials (NASDAQ: AMAT) — all edged higher.

Pansoft (NASDAQ: PSOF) jumped 17 percent on its earnings report.