NEW YORK (TheStreet) -- Tech stocks led gains in the broad market Tuesday, bolstered by hopes of a third-quarter earnings beat by chipmaker Intel (INTC). The Nasdaq closed up Tuesday 16 points at 2,417.
Citing strength in PC chipsets and microprocessors for the third quarter, Intel posted strong results Tuesday, reporting a 59% leap in earnings over the same period last year. Intel also reported a quarterly profit of about $3 billion, or 52 cents a share.
After its share price briefly rose nearly 2% after its beat, Intel was up about 15 cents in after-hours trading.
IBM, which hit a new high of $139.94 Monday, rose 0.14% Tuesday to close at $139.85. Shares lifted Monday as IBM investors expressed confidence that corporate customers will continue to invest in information technology despite uncertainty in the economy, Collins Stewart analyst Lou Miscioscia told Bloomberg News.IBM, along with Apple (AAPL), will report quarterly earnings after market close on Monday, Oct. 18. Salesforce.com (CRM), a big laggard Monday, recouped its share price losses Tuesday and climbed 5.57% -- or $5.56 -- to close at $105.47. Shares were climbing in after-hours trading by 73 cents. Apple supplier and wafer company TriQuint Semiconductor (TQNT), whose components are rumored not to be included inside Apple's new CDMA/Verizon (VZ) iPhone, issued third-quarter guidance today. TriQuint is expecting quarterly revenue of $238 million and EPS of 27 cents. According to Reuters, analysts are expecting the firm to report EPS of 20 cents on revenue of $221 million. TriQuint climbed 11 cents Tuesday to close at $9.20. On the other end of the tech market spectrum, videogame publisher Electronic Arts (ERTS) fell almost 6% after negative critical reviews surfaced for its Medal of Honor franchise. The company's stock price had risen almost 20% in the past three months in anticipation of the game's release. EA closed down $1.05 to $16.61 Tuesday. --Written by Olivia Oran in New York.
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