Intel Upgrade Sends Chip Stocks Surging
Page 1 of 1
Intel (NASDAQ: INTC) shares rose on an upgrade Monday, while the rest of the chip sector fared even better on the news.
Intel gained 2.3 percent on a Barclays upgrade on attractive valuation and an improving PC sales environment, while the likes of AMD (NYSE: AMD), Nvidia (NASDAQ: NVDA) and SanDisk (NASDAQ: SNDK) scored even higher gains on optimism that the chip market will continue to improve in 2010.
Palm (NASDAQ: PALM) gained 5 percent on a Morgan Joseph upgrade following a disappointing earnings report last week. Apple (NASDAQ: AAPL) rose 1.4 percent, while Research in Motion (NASDAQ: RIMM) ended the day lower.
Dell (NASDAQ: DELL) and Amazon (NASDAQ: AMZN) were other strong names, while Yahoo (NASDAQ: YHOO) slipped 1.6 percent. Amazon rose on reports that an East Coast snowstorm over the weekend appears to have boosted online holiday sales.
Kforce (NASDAQ: KFRC) tumbled on news of suspension from Interior Department business.
After the close, Jabil (NYSE: JBL) gained 5 percent on its results. Red Hat (NYSE: RHT), Micron (NYSE: MU) and Tibco (NASDAQ: TIBX) will report their earnings after the close on Tuesday.
The Nasdaq rose 24 to 2237, the S&P 500 gained 11 to 1114, and the Dow rose 85 to 10,414. Volume fell to 3.98 billion shares on the NYSE, and rose to 1.84 billion on the Nasdaq. Advancers led by a 26-11 margin on the NYSE, and 18-9 on the Nasdaq. Upside volume was 81 percent on the NYSE, and 73 percent on the Nasdaq. New highs-new lows were 356-66 on the NYSE, and 143-28 on the Nasdaq.