Priya Ganapati
Tech stocks were down Friday, along with the major market indices as investors grappled with rising oil prices and weak home-sales numbers.
Shares of CA(CA Quote - Cramer on CA - Stock Picks) were up $1.24, or 5.1%, to $25.41 after the company guided current fiscal year revenue and earnings above Street expectations. However, fourth-quarter EPS came in below analysts' estimates. CA posted an 18% increase in revenue to $1.09 billion for the quarter. Net income was $71 million and EPS, excluding items, was 22 cents. Analysts were expecting revenue of $1.09 billion and EPS of 28 cents. Apple(AAPL Quote - Cramer on AAPL - Stock Picks) added $2.82, or 1.6%, to $179.97 after an analyst at Merill Lynch raised his price target on the stock to $215 from $186 on increased confidence in Apple's ability to get a bigger market share in the smartphone market. A Goldman Sachs analyst also added Apple on Thursday to its America's Conviction Buy list and raised his price target on the stock to $220 from $185. Dell(DELL Quote - Cramer on DELL - Stock Picks) gained 29 cents, or 1.3%, to $21.17 after an analyst at Morgan Stanley upgraded the stock to overweight from equal weight and set a price target of $28. A shift to lower-priced systems in the server market could benefit the company, said the analyst. Sun Microsystems(JAVA Quote - Cramer on JAVA - Stock Picks) lost 41 cents, or 3.2%, to $12.73 after an analyst at Morgan Stanley cut rating on the stock to underweight. Sun's market share in the server business is at risk since demand declines, said the analyst. Separately, a Standard & Poor's equity research analyst also cut his rating to sell from buy, based on the belief that competition in the server markets will intensify over the next 12 months, said Reuters.
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