Finally, a day on the market makes technology investors proud. On the heels of yesterday's technology selloff, Nasdaq stocks have seen a broad-based rally today.
Where to begin. Chip stocks, which declined sharply after
revenue warning last week, have witnessed a runup today. The
Philadelphia Stock Exchange Index
was recently ahead 4.3%.
Among the big winners were
, up 9.2% to $44.63;
, up 5.7% to $50.88; and
, up 8.6% to $49.63.
rocketed 10%. This morning,
boosted its rating on the computer chipmaker to strong buy from buy. In its report, the firm said that it believes Xilinx will top forecasts of 15 percent quarter-over-quarter growth for the current period.
In the Net corner, shares of consumer stocks that fell in sympathy with
earnings confession yesterday have maintained gains posted earlier today. priceline, which lost a whopping 42.3% of its value yesterday, was up 11.1% to $11.94.
were lately higher 8.5% and 5.3%.
Losing almost 12% of its value yesterday, amid the priceline.com selloff,
has recovered 5.8% to $95.56 today. This morning,
Internet bull, Henry Blodget, reiterated his buy rating on the Web portal.
"We remain very confident that the company will meet or exceed our third-quarter estimate of revenues of $280 million. We do not think the company will miss the quarter," Blodget said.
, down 12.5% yesterday, has erased its loss and was lately gaining 9.8%.
Even telecom-equipment names, downgraded this morning by
Sanford C. Bernstein
, have resisted negativity in afternoon trading. The
Nasdaq Telecommunications Index
was recently rising 3.3%.
Sanford C. Bernstein
-- which does not underwrite stock and is valued for maintaining independence from companies -- cut its ratings on telecom equipment issues
to market perform from outperform.
In his research note, Bernstein's telecom equipment analyst, Paul Sagawa, said that he is concerned about a decrease in spending on telecommunications equipment. Expenditures are likely to show "sharp deceleration" from 28% in 2000 to 20% in 2001, Sagawa noted.
But not everyone on Wall Street was so worried. Merrill Lynch, this morning, came out in support of Cisco and Nortel, reiterating its buy ratings on both the companies, while acknowledging that the stocks could be weak for the next few weeks. Similarly,
Salomon Smith Barney
reiterated its buy rating on Cisco.
Cisco was recently up 3.1%, while Nortel had added 5.9%.
Applied Micro Circuits
hit a 52-week high today and was boosting 4.4% to $211.69.
Fiber-optic plays -- which provide their equipment to the telcos -- however, were less than white-hot.
have all performed very well during the month of September.
Corning was down 1.9% to $304.38 while JDS Uniphase was lower 0.8% to $97.