Who says all the good news is priced into tech stocks?
Not Yahoo investors.
Yahoo soared 10% Thursday after beating earnings and revenue estimates.
The stock was the beneficiary of a couple of analyst upgrades and a big drop in jobless claims that sent the broader market soaring. The market pulled back off its highs by the close, but Yahoo stayed strong. Nervousness about GE’s earnings Friday morning contributed to the late selling on the bull market’s first anniversary.
Despite the surge, YHOO’s price-to-earnings ratio actually dropped from 137 to 133 today, thanks to quarterly earnings doubling.
Still expensive by any measure, but good luck calling a top on it.
The Nasdaq rose 18 to 1911, the S&P 500 added 4 to 1038, and the Dow climbed 49 to 9680. Volume rose to 1.56 billion shares on the NYSE, and 2.08 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 19-12 on the Nasdaq. Upside volume was 67% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 514-10 on the NYSE, and 397-7 on the Nasdaq.
After the close, Juniper beat earnings and revenue estimates.
During the day, Sonus gained 6% after beating estimates and announcing a deal with AT&T
.
Emulex fell and Vixel
soared on the companies’ merger plans.
CA fell 10% after firing three execs for their role in the company’s accounting scandal.
eBay and Amazon
followed Yahoo to new 52-week highs.
ATI rose 3% on new software.
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