Tech stocks were modestly up Tuesday along with the major market indices.
Cisco (CSCO - Get Report) was up 41 cents, or 1.9%, to $22.40 ahead of its fourth-quarter results. Analysts expect the company to report earnings of 39 cents a share on revenue of $10.3 billion, compared with earnings of 31 cents a share on revenue of $9.4 billion, the year before.
Semiconductor company Infineon Technologies (IFX) added 47 cents, or 6%, to $8.28 following reports that chip maker Qimonda (QI) may be close to selling its stake in a joint venture Qimonda has with Taiwanese company Nanya. Infineon holds a significant stake in Qimonda.
Shares of Qimonda (QI) were up 5 cents, or 3%, to $1.70.Sprint Nextel (S) was up 27 cents, or 3.3%, to $8.40, a day ahead of the company's second-quarter results. Analysts are expecting earnings of 3 cents a share on revenue of $9.16 billion during the quarter, compared with earnings of 25 cents a share on revenue of $10.16 billion a year ago. Video games publisher Midway Games (MWY) fell $1.24, or 31.1%, to $2.70 following its second-quarter results. The company reported a loss of 29 cents a share on revenue of $23.4 million, compared with a loss of 12 cents a share on revenue of $31.8 million a year ago. Shares of Rackable Systems (RACK) were down $2.55, or 20.3%, to $10 after it posted a deeper-than-expected loss in the second quarter. Revenue for quarter fell to $76 million from $82 million a year ago but was in line with analyst estimates. Gross profit margin fell to 9.2% from 23.5% in the first quarter.