Don't you hate when there's widespread tech buying?<g> Stack that on top of the NAZ being up 45 today and there's reasons to feel encouraged...
H-P sets off evening buying spree
By Shawn Langlois, CBS.MarketWatch.com
Last Update: 4:55 PM ET Nov. 20, 2002
SAN FRANCISCO (CBS.MW) -- Shares of Hewlett-Packard soared 8 percent in Wednesday's late session after the Dow component surpassed Wall Street earnings and revenue targets, triggering widespread tech buying.
Clearly, the closing bell didn't stop bulls from doing their thing as the Nasdaq-100 After Hours Indicator, which tracks the evening action of the index's leading stocks, built on the regular session's advances, up 8 point to 1,079.
Earlier, the tech sector enjoyed a strong rally as the Nasdaq Composite surged 45 points, or 3.3 percent, to close at 1,419. The Dow Jones Industrial Average followed suit, adding 148 points, or 1.7 percent, to finish the day at 8,623. See Market Snapshot.
Grabbing the bulk of late attention, Hewlett-Packard shares (HPQ: news, chart, profile) jumped $1.40 to $18.25 after the printer and PC giant posted a fourth-quarter profit of 24 cents a share, topping analyst estimates by 2 cents. Revenue rose 9 percent to $18 billion. See full story.
Heated rival IBM (IBM: news, chart, profile) nudged 2 percent higher on relatively light evening volume. Shares of Big Blue skyrocketed more than 4 percent to close at $81.61 after the company said it would sell $2 billion worth of global bonds in order to raise additional cash for general operational expenses. See full story.
Elsewhere, Intel (INTC: news, chart, profile) and Cisco (CSCO: news, chart, profile) jockeyed for Island's most-active spot, with both stocks adding about 2 percent to the days solid gains.
Sun Micro (SUNW: news, chart, profile) and Brocade appeared on the top volume list as well, up 2 percent and 3 percent, respectively.
OmniVision Technologies (OVTI: news, chart, profile) was another big winner as shares vaulted 9 percent higher. The chip imaging devices supplier posted a second-quarter profit, reversing a year-ago loss, and also forecast a profit for the current quarter.
Looking ahead to Thursday, Marvell Technology (MRVL: news, chart, profile) will report its third-quarter numbers after the close. At a conference in San Francisco on Monday, CFO George Hervey said he was comfortable with the chipmaker's third-quarter financial target
Shawn Langlois is a reporter for CBS.MarketWatch.com, and the editor of its community message boards. |
