Pia Sarkar
Tech stocks began their healing process on Tuesday, recovering some of their steep losses from the previous day's sell-off, which was prompted by Congress's failure to approve a $700 billion federal bailout package.
The Nasdaq clawed its way up by 69 points - or 3.5% -- to 2052 in afternoon trading. Intel(INTC Quote - Cramer on INTC - Stock Picks) shares got a bump after Piper Jaffray upgraded the stock to buy from neutral as a result of its valuation and strong competitive positioning, as well as its solid balance sheet and cash flow. The firm believes the chipmaker's gross margin improvement could lead to better-than-expected earnings in the near term. Intel was up 5.6% to $18.24. Research In Motion(RIMM Quote - Cramer on RIMM - Stock Picks) was also climbing after JMP Securities raised its rating on the stock to market outperform from market perform. The firm maintains that the recent sell-off in the Blackberry maker's shares offer a buying opportunity for investors. RIMM was up 10% to $67.92. Apple(AAPL Quote - Cramer on AAPL - Stock Picks) rebounded Tuesday after Goldman Sachs asserted that its shares had been oversold. On Monday, Apple slipped 18% as analysts offered cautious views on the company. Goldman, however, reiterated its buy rating and price target of $200, noting that Monday's decline more than captured concerns over Mac unit growth in a weakening consumer spending environment. The firm added that iPhone unit shipments will help Apple to outperform its peers in the fourth quarter. Apple shares were up 5.9% to $111.03 in afternoon trading. Goldman also maintained that Amazon(AMZN Quote - Cramer on AMZN - Stock Picks) shares had been oversold, and reiterated its buy rating and price target of $98. Amazon got hammered on Monday, slipping 10% as part of the market meltdown.
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