An upgrade to IBM
and bullish comments by RF Micro Devices
helped the market resume its winning ways on Monday.
CS First Boston said IBM is the ideal late-cycle recovery play because of its slower-moving commercial customers. CSFB said it believes large commercial accounts will soon begin to boost tech spending, benefiting IBM.
RF Micro soared 15% after raising guidance. The company’s outlook gave investors hope that Nokia’s
mid-quarter update tomorrow morning will be a positive one. Nokia rose 3% on the day, and IBM gained 2.6% to close just below the important $90 level.
The broader market also got a boost from an ABC News report that U.S. troops were closing in on Osama bin Laden in Pakistan. However, a Newsweek article from this week’s issue said he was likely still in Afghanistan.
The Nasdaq soared 30 to 1888, the S&P 500 rose 10 to 1031, and the Dow climbed 82 to 9586. Volume declined to 1.31 billion shares on the NYSE, but rose to 2.05 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 77% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 323-5 on the NYSE, and 397-6 on the Nasdaq.
After the close, Research In Motion
soared after raising guidance. Cymer
also boosted guidance, and Ulticom
During the day, Novell
gained 7% on its cross-platform plans.
, up 7%, overhauled its software.
rose 7% on a site relaunch.
fell 8% on a follow-on offering.
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