HP Leads The Way Higher

HP gained 3.6% Monday on earnings optimism and a report that the stock is undervalued.

HP still has a month to go in its second quarter, but that didn’t stop analysts and investors from getting a head start.

SG Cowen said the company’s results have been headed in the right direction in recent quarters, and a Barron’s cover story said HP is undervalued because of investor concern about the company’s integration of Compaq, which the article said is progressing well.

The broader market gained on optimism ahead of second-quarter earnings and Friday’s unemployment report, and upgrades to Citigroup and GE .

The Nasdaq surged 32 to 1992, the S&P 500 gained 14 to 1122, and the Dow rose 116 to 10,329. Volume rose to 1.36 billion shares on the NYSE, and 1.72 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 22-9 on the Nasdaq. Upside volume was 87% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 180-11 on the NYSE, and 131-15 on the Nasdaq.

Qualcomm surged 6% on an upgrade.

Research in Motion gained 5% on a legal settlement.

Arch Wireless soared 35% on news that it will be acquired by MetroCall .

Callidus and Sonus plunged on earnings concerns.

Plumtree gained 4% on a deal with Yahoo .

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