Sun Microsystems and Gateway
announced dramatic shifts in their businesses on Friday.
Shares of Sun soared 20% on news of a broad settlement and cooperative agreement with former arch enemy Microsoft . The company also issued an earnings warning and announced job cuts.
And Gateway gained 12% on plans to shutter its retail stores.
For drama and symbolism, the day will be hard to top. It’s too soon to know what the day’s news will mean for Sun, but for a company fighting for long-term survival, it could be a big step forward.
The broader market soared on news that the economy added more than 300,000 jobs in March.
The Nasdaq soared 42 to 2057, the S&P 500 rose 9 to 1141, and the Dow gained 97 to 10,470. Volume rose to 1.61 billion shares on the NYSE, and 2.2 billion on the Nasdaq. Advancers led 17-15 on the NYSE, and 22-9 on the Nasdaq. Upside volume was 69% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 343-28 on the NYSE, and 254-9 on the Nasdaq.
Monster Worldwide and Paychex
surged 6-7% each on the jobs report.
Chip stocks gained on news of strong sales. Applied Materials and KLA-Tencor
gained 4-5% each.
Silicon Image and Sierra Wireless
surged 13-14% each after raising guidance.
Clicksoftware , Kana
and Hutchinson
fell on warnings.
Sybase fell 10% on an acquisition.
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