The stock of sales and customer service software maker Siebel Systems Inc. (NasdaqNM:SEBL - news) also surged after hours, following the release of its first-quarter results, which beat Wall Street's expectations. Siebel's revenue climbed 84 percent, despite the tough U.S. economic climate. Siebel rose to $35 on Instinet from its regular close at $33.98 on Nasdaq.
Apple Computer Inc. (NasdaqNM:AAPL - news) jumped to $26 on Instinet from a regular close of $22.79 after it said that it had turned profitable again in its second fiscal quarter, beating analysts' expectations with the magnitude of its turnaround.
Advanced Micro Devices Inc.(NYSE:AMD - news), Intel Corp.'s principal competitor in the market for microprocessors, reported profits that beat analysts' forecasts as sales rose 9 percent from a year ago and it gained market share against Intel. It rose to $29.80 on Instinet from a regular close of $27.85.
Akamai Technologies Inc. (NasdaqNM:AKAM - news) also performed better than anticipated, although it reported a first-quarter operating loss of $2.2 billion as it grapples with slowing demand for its services that speed the delivery of Internet Web pages. It also reaffirmed its second-quarter forecast.
Akamai's share jumped to $11.65 in extended-hours trading from a regular close of $9.04.
Specialty chip designer Altera Corp. (NasdaqNM:ALTR - news) said its first-quarter earnings fell 16 percent, hurt by excess inventory and slow growth among its customers. Its results met Wall Street analysts' consensus estimates, however, and that was enough for many investors. It rose to $29.45 in after-hours trading from a regular close of $28.63.
An exception to the high-flying trend was communications chip maker Broadcom Corp. (NasdaqNM:BRCM - news), which was unchanged after hours from its $34.01 regular close on Wednesday after it posted results that met lowered expectations. But company officials warned that weak consumer demand and general market weakness will dent its second-quarter earnings.
The Nasdaq-100 After Hours Indicator rose 2.5 percent.
During the regular session, stocks flew higher in extremely heavy trading volume after the Fed cut rates, a move that put more shine on a market already basking in the glow of positive earnings from computer chip titan Intel Corp. (NasdaqNM:INTC - news).
The technology-laced Nasdaq Composite Index (^IXIC - news) surged 156.22 points, or 8.12 percent, to 2,079.44, the fourth-biggest gain in percentage terms in its 30-year history. Trading volume surged to 3.1 billion shares, its second-heaviest volume ever.
The blue-chip Dow Jones industrial average (^DJI - news) jumped 399.10 points, or 3.91 percent, to 10,615.83, and the broader Standard & Poor's 500 Index (^SPX - news) climbed 46.35 points, or 3.89 percent, to 1,238.16. |
