(Updates from 1:36 p.m. ET with closing information.)
NEW YORK (TheStreet) -- It's been a banner day for tech stocks Tuesday, with a number of notable earnings beats and struggling Finnish phone maker Nokia (NOK) appearing to be gaining traction with its new Lumia product.
The biggest S&P 500 gainer was Netflix, (NFLX) the online-entertainment company. It was surging 23.67% to $215.96 after posting earnings on Monday that also trumped Wall Street expectations. The company had more than 36 million streaming subscribers at the end of the quarter, up 3.05 million from the previous quarter.
"NLFX has been an interesting story and I think investors are looking at this as the new hot stock," said Jonathan Corpina, senior managing partner at Meridian Equity Partners in New York.Wall Street analysts are largely positive after the results, with many of them seeing Netflix becoming even more mainstream in the future. Meanwhile, Nokia was rising 1.6% to $3.20 after Bloomberg reported that sources close to the plan said the Finnish mobile-phone maker, who's trying to win back users from Apple (AAPL) and Samsung Electronics, struck a deal to get top U.S. wireless carrier Verizon Wireless (VZ) to sell its new smartphone, the Lumia 928. Verizon (VZ) was down 0.17% to $52.10. Groupon (GRPN) was rising 2.06% to $6.43 as the daily deals site told TechCrunch that it is adding a universal search feature that will let consumers use its iPhone and Android apps to search for marketplace deals that are available nearby, covering not just local discounts that are time-sensitive but rolling offers that are not. Salesforce.com (CRM) was gaining 2.5% to $41.33 as the biggest maker of online customer-management software announced a new social advertising application that the company said allows marketers to connect social advertising with their customer data and real-time trends "to maximize return from their advertising dollars." Facebook (FB) was rising 1.23% to $26.29. The social media outlet is reportedly building a data center near Des Moines, Iowa as it tries to power new services in the face of rising smartphone popularity. The company is also redesigning its mobile Pages service that enables quick access to information on local businesses as it expands its presence in mobile services and advertising, potentially increasing its competition with Yelp (YELP) and Google (GOOG) on similar services. AT&T (AT&T), the largest telecommunications company in the U.S., is expected by analysts on Tuesday after the close to post first-quarter earnings of 64 cents a share on revenue of $31.7 billion. In the year-earlier quarter, AT&T earned $3.6 billion, or 60 cents a share, on revenue of $31.8 billion. Shares were up 0.41% to $38.89. Apple, the iPhone, iPad and iPod maker, was rising 1.78% to $405.77 ahead of its fiscal second-quarter earnings report after the bell. While the expectations are heightened given the lagging stock price, perceived lack of innovation and concerns about its cash hoard, it isn't all bad at Apple. While Apple is in a dogfight in smartphones that it appears to be losing to Samsung -- which uses Google's Android operating system, the leading operating system on smartphones by market share, "our research on Asian imports/exports shows that volumes for the first calendar quarter remained reasonably strong with robust [iPhone] ASPs," noted Societe Generale analyst Andy Perkins. TheStreet will be live-blogging Apple's earnings on Tuesday beginning at 3:45 p.m. EDT. Texas Instruments (TXN) was popping 3.71% to $36.10 after the chipmaker delivered robust guidance, projecting second-quarter revenue between $2.93 billion and $3.17 billion and earnings between 37 cents a share and 45 cents a share after beating Wall Street's first-quarter forecasts. ARM Holdings (ARMH) was surging 11.8% to $44.99, lifted by better-than-expected first-quarter results. "The ARM story remains resilient following an impressive 1Q beat and should remain one of the most compelling thematic stories in semis this year," noted New York-based Evercore Partners analyst Patrick Wang. Follow @atwtse
Closing prices: NFLX jumped 24.4% to close Tuesday at $216.99 while NOK was flat at $3.16 and VZ was unchanged at $53.32. GRPN rose 1% to $6.36, CRM rose 1.9% to $41.08, FB was flat at $25.98 and T rose 1% to $39. AAPL was up 1.9% to $406.13, TXN rose 2.6% to $35.70 and ARMH jumped 15.1% to end the day at $46.32. -- Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.
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