HP will serve as the latest barometer of the tech sector’s recovery when it reports earnings tomorrow night.
Analysts are expecting HP to report earnings of 26 cents a share, a healthy rebound from 14 cents in the year-ago quarter.
HP rose 3.4% today when AG Edwards upgraded the tech giant ahead of its results. Edwards said it sees some possible revenue downside due to weakness in Europe, but that the enterprise business is stabilizing and the printer business is going strong.
After the close on Monday, HP spinoff Agilent soared after beating estimates. Also after the close, Symantec
warned.
Stocks surged during the day on better than expected earnings and predictions of a semiconductor recovery.
The Nasdaq soared 37 to 1739, the S&P 500 rose 9 to 999, and the Dow gained 90 to 9412. Volume recovered to 1.1 billion shares on the NYSE, and 1.49 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 75% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 246-33 on the NYSE, and 249-6 on the Nasdaq.
Intel rose 4.5% on predictions of a chip recovery. Broadcom
soared 7.5% on speculation that it could be acquired by Intel. AMD
soared 14% on optimism over new product rollouts.
RealNetworks surged 6% after signing The Rolling Stones.
Looksmart fell another 9% on the potential loss of MSN’s business. Microsoft
edged higher despite a new policy in China that would bar government purchases of foreign software.
Novatel soared 13% on a deal with Lucent.
Overture gained 4% as it rolled out its own toolbar.
AT&T Wireless rose 4% on a new next-generation service.
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