Updated from 12:30 p.m. EDT
Tech stocks moved slightly higher Monday, boosted by earnings and broker news.
soared 18.9% after the maker of high-definition televisions boosted its calendar-year revenue forecast. For the period ending Dec. 31, 2007, the company sees revenue of $1.1 billion to $1.3 billion, up from an earlier view of $950 million to $1.1 billion.
The company said that better accounts receivable collections, stronger demand for its products, and the deployment of its stock-offering proceeds led to the revised guidance.
For the fiscal fourth quarter, which ended June 30, the company continues to see revenue of $190 million to $210 million. Shares closed up $1.05 to $6.61.
tumbled 1.1% after the maker of printed circuit boards had disappointing fourth-quarter results. The company reported a loss of $80.6 million, or $3.89 a share, on revenue of $93.6 million. Excluding items, the company posted a pretax loss of $600,000.
Analysts polled by Thomson Financial expected earnings of 3 cents a share on revenue of $94.6 million.
Looking ahead, Merix sees a first-quarter loss from operations of $1 million to $2.5 million on revenue of $96 million to $100 million. Guidance includes a stock-option expense of about $600,000. Analysts project earnings of 7 cents a share on revenue of $97.3 million. Shares closed down 9 cents to $8.20.
rose 0.3% after UBS upgraded the stock to buy from neutral. The broker also boosted its price target to $23 from $17. The firm's 2008 earnings forecast, however, now stands at 20 cents a share, down from its earlier view of 23 cents a share. Shares closed up 5 cents to $18.63.
rose 1% after the tech giant signed a $1.4 billion outsourcing agreement. Under the deal, IBM will provide technology outsourcing over a seven-year period for
"IBM will marshal its global resources to provide a flexible and agile infrastructure enabling AstraZeneca to continue implementing its plans to grow and lead in the pharmaceutical industry," IBM said. Shares of IBM closed up $1.06 to $109.66.
As for the broader technology sector, the Nasdaq 100 was down 4.14 points to 2028.02.