Thread,
______
Wednesday November 11, 8:54 am Eastern Time
US technology shares seen jumping on Intel outlook
NEW YORK, Nov 11 (Reuters) - Shares of already high-flying technology companies were expected to jump at the start of trading Wednesday following a bullish forecast from chipmaking giant Intel Corp. (Nasdaq:INTC - news)
Intel, the world's largest computer chip maker, was already trading higher pre-session at 100-1/2 after closing Tuesday on Nasdaq at 97-9/16. Other bellwether technology stocks were also higher: Dell Computer Corp. (Nasdaq:DELL - news) was up at 72-1/4 from a close of 70-5/16, and Compaq Computer Corp. (NYSE:CPQ - news) was up at 33-1/4 from its close of 32-7/16.
After the close of trading Tuesday, Intel announced it expects its fourth quarter revenues to be higher than previously expected due to strong demand for personal computer products.
''We are going to see a continuous rally across the board,'' said Peter Coolidge, senior equity trader at Brean Murray & Co. ''As Intel goes, the rest of the tech group goes. I'd say defininitely this is going to be a driver that is going to shake up the whole technology group.''
The upbeat outlook from Intel came ahead of Compaq's planned launch on Wednesday of an aggresssive move to gain market share among small- and medium-sized businesses.
In addition, rival Dell Computer, another big consumer of Intel microprocessors, is expected to report another quarter of strong growth in excess of 60 percent annually.
___
Gang, stay cool and don't sell....there's a lot more "legs" left in this run.
Ibexx |
