Sun Leads Tech Stocks Higher

Sun Microsystems (NASDAQ: JAVA) led the Nasdaq higher on Monday, surging 11 percent in heavy volume on hopes that the company’s merger with Oracle (NASDAQ: ORCL) may yet receive European approval.

European regulators seemed closer to supporting the merger after Sun and Oracle pledged greater support and independence for the open source MySQL database, a key sticking point in the deal.

The Nasdaq rose 1 percent as investors jockeyed for position ahead of several earnings reports and a Federal Reserve meeting.

Research in Motion (NASDAQ: RIMM), Oracle (NASDAQ: ORCL), Accenture (NYSE: ACN) and Palm (NASDAQ: PALM) will report their quarterly results on Thursday, while Adobe (NASDAQ: ADBE) and Best Buy (NYSE: BBY) will report on Tuesday. (NASDAQ: AMZN) lost 2 percent after a Barron’s article suggested the company’s stock is overvalued.

Ciena (NASDAQ: CIEN) fell 4.5 percent on news that it will be removed from the S&P 500.

Google (NASDAQ: GOOG) rose on reports that it could begin selling its own Android phone.

California Micro (NASDAQ: CAMD) soared 53 percent on news that it will be acquired by ON Semi (NASDAQ: ONNN).

The Nasdaq rose 21 to 2212, the S&P 500 added 7 to 1114, and the Dow gained 29 to 10,501. Volume rose to 4.55 billion shares on the NYSE, and 1.86 billion on the Nasdaq. Advancers led by a 28-9 margin on the NYSE, and 18-8 on the Nasdaq. Upside volume was 70 percent on the NYSE, and 79 percent on the Nasdaq. New highs-new lows were 390-50 on the NYSE, and 119-20 on the Nasdaq.

News Around the Web