Solid results from Cisco Systemssent stocks surging on Wednesday.
Cisco’s better than expected results also buoyed shares of Delland HP, which will report their quarterly results next week. Shares of all three stocks gained more than 5% on the day.
Cisco’s results were welcome relief for investors, who have suffered through a number of high-profile disappointments since the quarterly earnings reporting season began last month. The company’s assertion that business improved as the quarter progressed gave investors hope that the fourth-quarter slump will be temporary, but Cisco’s mixed forward guidance left open the possibility that some weakness may still lie ahead.
The Nasdaq rose 22 to 2266, the S&P 500 gained 10 to 1265, and the Dow surged 108 to 10,858. Volume rose to 2.44 billion shares on the NYSE, and 2.25 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 65% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 71-34 on the NYSE, and 120-32 on the Nasdaq.
Computer Sciences, InterActiveCorp, Aspen Tech, Brightpoint, BMCand Radvisionrose on their results.
Segue Softwaresoared 22% on a takeover offer from Borland.
Blue Nilefell 10% on its results.