Market Updates
Tech Stocks Up on Jobs
Ivaylo
08 May, 2006
New York City
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The Nasdaq Composite Index edged up, as did the Morgan-Stanley tech index. The Nasdaq put its weekly tally of gaining to almost 1%. Advancers also outstripped decliners. Activision and THQ rose after their earnings reports were released. Among other leading stocks were Sun Microsystems Inc. and Hewlett Packard.
[R]7.00 AM Tech stocks close higher after large gains.[/R]
The Nasdaq Composite Index advanced 19 points to close at 2,342. Total volume on the Nasdaq Stock Market came to two billion shares. The positive report from the Labor Department boosted market sentiment that the Fed could end its policy of lifting the interest rates.
Advancers
Activision,((ATVI)), gained 13% in the trading despite reversing to a fourth-quarter loss on the promise of booming sales of its “Call of Duty 2” product. THQ,((THQI)), rose 4.3% after reporting swinging to a quarterly loss, owing to its upcoming game based on “The Sopranos”.Circuit City, ((CC)), advanced 11%, following the company’s statement that its earnings have been underestimated by the market and also by the benefits the company gathers from its turnaround efforts.
Decliners
Open Text, ((OTEX)), stock declined 19% due to missed analyst estimate for a quarterly earnings profits and weaker-than-expected sales. Electronic Arts,((ERTS)), was also down by 11%, following the release of its disheartening guidance. McData,((MCDTA)), sank 4% in the wake of its announcement that the first-quarter profit and revenue would just meet forecasts.
Annual Returns
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Earnings
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