(Updates from 1:25 p.m. ET with closing information.)
NEW YORK ( TheStreet) -- Red Hat (RHT - Get Report) was popping 3.21% to $50.84 after the largest seller of Linux operating-system software announced Monday a $300 million stock repurchase program replacing the previous $300 million repurchase program.
Intel (INTC - Get Report), whose processors are inside about 80% of the world's PCs, was rising 1.61% to $21.73 ahead its first-quarter earnings announcement after the closing bell. The company is forecast by Wall Street to report quarterly profit of 41 cents a share on revenue of $12.59 billion. In the first quarter of 2012, Intel earned 53 cents a share on sales of $12.9 billion.
Apple (AAPL - Get Report) was rising 1.17% to $424.75 as the broader market rebounded and the company gets set to refresh its product lineups amid rumors it will unveil a low-cost iPhone this year. Not everyone's excited about these rumors.Piper Jaffray analyst Gene Munster, for one, is cutting his price target on Apple to $688 from $767, citing worries that a lower-cost iPhone could cannibalize sales as much as 30%. Sprint Nextel (S) was adding 1.06% to $7.14 after JPMorgan analyst Philip Cusick upgraded the third-largest U.S. mobile provider to "overweight" from "neutral" and raised the price target to $8 from $6 citing competing offers from Softbank and Dish Network (DISH). Microsoft (MSFT - Get Report) was rising 1.01% to $28.98 after Morgan Stanley analyst Keith Weiss took over coverage of the software maker and raised the rating on the stock to "overweight" from "equal weight" with a $36 price target. He said worries about the deterioration in PC demand should be offset by the strength in Microsoft's servers division and the firm's exposure to the rapidly expanding cloud-computing market. Armonk, New York-based IBM (IBM - Get Report) was gaining 0.93% to $211.22 as the tech giant invests $1 billion in Flash storage technology. Top IBM executive Steve Mills told TheStreet's James Rogers in an interview that "what you see is an incredible inflection point now where this flash, solid-state approach now is actually becoming equal to and in many cases superior to traditional rotating disk drives." Yahoo! (YHOO - Get Report) was down 0.42% to $23.88 as the Sunnyvale, Calif.-based Internet giant gets ready to report first-quarter earnings after the close of trading during which Wall Street will be looking to see whether CEO Marissa Mayer has indeed turned the core business around.
Closing prices: RHT ended Tuesday up 4.1% to $52.38, INTC rose 2.5% to $21.92 and AAPL was up 1.5% to $426.24. MSFT rose 1% to $28.97, S ended 2% higher at $7.20 and IBM was up 1.3% to $2.74. YHOO, however, fell 1% to $23.79. Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.