Strong earnings outlooks from Seagate and VeriSign
and a Cisco
upgrade sent tech stocks higher on Tuesday.
VeriSign jumped 9% after the company said in an SEC filing that it expects to beat estimates, thanks to a strong showing from its Jamba unit.
Seagate climbed 4% after the company raised earnings and revenue guidance, citing strong disk drive sales. The company reaffirmed reports of lackluster desktop sales, however.
Cisco climbed 1.6% after CIBC said it expects the company to post strong growth over the next two years — at the expense of its competitors.
The broader market got a boost from a drop in oil prices, strong capital spending in Japan and better than expected industrial production in Germany.
The Nasdaq rose 14 to 1858, the S&P 500 rose 7 to 1121, and the Dow gained 80 to 10,341. Volume rose to 1.21 billion shares on the NYSE, and 1.33 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 74% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 220-15 on the NYSE, and 96-42 on the Nasdaq.
After the close, TriQuint warned, and Cymer
reaffirmed guidance.
During the day, TiVo and Netflix
surged on hopes that the two will announce a partnership.
Chip stocks ended the day at a new 52-week low, continuing Friday’s sell-off on a warning from Intel . Freescale Semi
lost 3% on its outlook.
Sirius jumped 9% on strong subscriber growth.
NMS Communications soared 17% on an upgrade.
Lexmark fell 5% on a printer recall.
Research in Motion gained 5% on a deal with Nokia
.