Tech stocks shot higher Tuesday, along with the broader market, as voters poised to send a new president into office amid an economic downturn.
tacked on 48 points, or 2.8%, to 1775 in recent trading.
(INTC - Get Report)
climbed 4.6% to $16.36 on news that its capital-management arm would begin
selling nearly half of its stake
(VMW - Get Report)
The company also said late Monday that it had already sold another portion of the stake to
(CSCO - Get Report)
(EMC - Get Report)
last week. Intel bought the shares for $218.5 million, or $23 a share, in July 2007.
Shares of VMware slid 4.1% to $30.52 in recent trading. Meanwhile, Cisco shares rose 6.2% to $18.28 while EMC shares jumped 1.7% to $11.73.
(NOK - Get Report)
grew 5.7% to $16.70 after the cell phone maker announced that it would
cut its workforce
by 450 employees as part of a reorganization of its sales and marketing operations.
Nokia also said it will close its Turku site in Finland by the end of January 2009 and relocate the operations. The company plans some "smaller" workforce adjustments in its global operations.
(MRVL - Get Report)
were up nearly 12% to $7.50 after the company
chopped its revenue forecast
for the third quarter but also made moves toward greater cost containment.
The chipmaker now expects revenue of between $783.9 million and $792.4 million. Analysts had expected revenue of $867.8 million.
(STX - Get Report)
shares were climbing almost 10% to $7.77 on news that it would be added to the Nasdaq 100 Index at the open of the market on Nov. 10. Seagate will replace
, which fell 3.5% to $13.56 on Tuesday.