Better than expected results from Texas Instrumentsboosted tech stocks on Wednesday.
TI reported earnings of 28 cents a share on a 14% jump in revenues, beating Wall Street estimates. Earnings slipped 4% from the year-ago quarter on rising costs, but the results were good enough for analysts to grudgingly raise their ratings on the stock.
Shares of TXN surged more than 7% on the day, sending chip stocks to a 2.5% gain.
Investors will get another look at the health of the tech sector Thursday night, when Microsoftreports earnings. Analysts expect Microsoft to report earnings of 33 cents a share on sales of $10.55 billion, up 4% from a year ago.
The Nasdaq rose 26 to 2046, the S&P 500 added 5 to 1174, and the Dow climbed 37 to 10,498. Volume rose to 1.64 billion shares on the NYSE, and 2.13 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 21-9 on the Nasdaq. Upside volume was 69% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 101-26 on the NYSE, and 70-44 on the Nasdaq.
After the close, VeriSign, Websense, LSI, Digital Riverand RealNetworksbeat estimates. Sierra Wirelessmissed estimates, and JDS Uniphasewarned again.
During the day, Cymer, Flextronics, StorageTek, Compuware, InfoSpace, PLXand Hyperionsurged on better than expected results.
CA, Avayaand Corningfell on their results, while Red Envelopeand CSGclimbed after beating estimates.
SBCedged higher after announcing 7,000 layoffs.
Nokiarose 2% ahead of its earnings Thursday morning.