Applied Materials and Network Appliance
gave the battered tech sector some good news after the close on Tuesday.
Also after the close, traders were awaiting word on Google’s IPO, which is expected to begin trading this week. Late news reports said the SEC had not declared the IPO registration effective before the close of business on Tuesday. The SEC did not give a reason for the delay.
AMAT beat estimates by a penny a share with 26-cent earnings, and revenues of $2.24 billion bested $2.15 billion forecasts. The company’s forward guidance was somewhat mixed: October quarter earnings of 24-26 cents would come in under 27-cent estimates, but projected revenues of $2.35 billion would top $2.3 billion forecasts.
The stock rose 1% after hours on top of a 3% gain during the day.
NetApp gave the beleaguered storage sector a boost with earnings of 13 cents a share, a penny better than estimates, and revenues of $358.4 million came in ahead of $354.5 million estimates. NetApp also raised guidance, sending the stock 4% higher after hours.
In other after hours news, Photronics beat estimates, and CNT
beat lowered estimates and announced layoffs.
Stocks posted modest gains during the day on strong earnings from Home Depot and tame inflation data, but another jump in oil prices kept the market in check.
The Nasdaq rose 12 to 1795, the S&P 500 added 2 to 1081, and the Dow climbed 18 to 9972. Volume rose to 1.27 billion shares on the NYSE, and 1.4 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 63% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 50-19 on the NYSE, and 29-89 on the Nasdaq.
Nortel slipped 1% on news of a criminal probe into the company’s accounting missteps.
RealNetworks lost 5% on plans to get aggressive in its online music battle with Apple
.
Metron soared 98% on news that the company will be acquired by Applied Materials
.
Motorola gained 5% after the company said it sees strong growth.
Chordiant and Wind River
soared on their earnings reports.
Photon slipped despite raising guidance.
Netopia plunged 20% on a delayed SEC filing.
Comcast rose 2% on news of an investment from Warren Buffett’s Berkshire Hathaway
.
NVE soared 18% on a patent win.
