RealTime IT News

Baidu, Palm Send Tech Stocks Soaring

Stocks rebounded sharply on Thursday, led higher by Palm (NASDAQ: PALM) and Baidu (NASDAQ: BIDU).

Palm shares soared 26 percent on news that the company will be acquired by HP (NYSE: HPQ).

Apple (NASDAQ: AAPL) posted solid gains despite news of a financially stronger competitor, but Research in Motion (NASDAQ: RIMM) posted only modest gains.

Baidu soared 14 percent on strong earnings and sales, evidence that Google's (NASDAQ: GOOG) partial pullout from China is boosting Baidu's business.

Akamai (NASDAQ: AKAM), Adept Technology (NASDAQ: ADEP), Motorola (NYSE: MOT) and Comcast (NASDAQ: CMCSA) also gained on their quarterly earnings reports.

But Openwave (NASDAQ: OPWV) fell 13 percent after reporting an unexpected loss.

The broader market surged after European debt fears eased for a day.

In after-hours trading, McAfee (NYSE: MFE) fell 10 percent after missing earnings estimates.