Big Blue Beats The Street

IBM delivered results after the close on Monday that exceeded Wall Street’s expectations.

Big Blue’s earnings of $1.17 a share topped $1.14 forecasts, and revenues of $23.43 billion beat $23.4 billion estimates.

Services bookings of just under $10 billion were slightly under analysts’ forecasts, but the results were good enough to send the stock 2% higher after hours. IBM also said it expects to beat full-year estimates of $4.97 a share.

Also after the close, Texas Instruments beat estimates but warned, but investors bid the stock higher anyway. JDA Software , J2 Global and CheckFree beat estimates. E*Trade beat earnings estimates but missed revenue estimates and offered mixed guidance.

Stocks rose during the day despite disappointing results from Dow component 3M , as techs led the market higher for the second straight day.

The Nasdaq surged 25 to 1936, the S&P 500 climbed 5 to 1114, and the Dow gained 22 to 9956. Volume declined to 1.38 billion shares on the NYSE, and 1.51 billion on the Nasdaq. Advancers led 18-14 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 56% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 117-48 on the NYSE, and 82-62 on the Nasdaq.

Check Point soared 17% after the company beat estimates and raised guidance.

Lexmark slipped after the company lowered guidance.

palmOne surged 9% on a new Treo and an upgrade.

McData jumped 6% on an upgrade.

And Google closed in on $150 a share ahead of its first earnings report on Thursday.

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