ADC Telecom, Baidu Lead Tech Stock Comeback
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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.