The tech sector was strong Monday, as new products, earning and analyst upgrades helped rally stocks.
shares were jumping 4.6% after the flash memory provider unveiled a new product that allows users to play video downloaded onto a computer on a television. The Sansa TakeTV video player comes in a four-gigabyte model that holds five hours of programming and an eight-gigabyte model that holds 10 hours. The devices retails for $99.99 and $149.99, respectively. Shares were gaining $1.95 to $44.66.
SanDisk was one of the biggest movers on the Nasdaq 100, which was up 10.97 points to 2142.05.
shares were gaining 11.1% after swinging to a third quarter profit and beating Wall Street's expectations. The specialty printer maker reported net income of $27 million, or 39 cents a share for the third quarter, up from a loss of $4.3 million, or 6 cents a share in the year-ago period. The company reported net sales of $217.2 million, vs. $186.4 million a year ago. Analysts polled by Thomson Financial were expecting earnings of 38 cents a share on revenue of $213.5 million.
Looking ahead, the company sees earnings of between 39 cents and 45 cents a share and net sales of between $215 million and $227 million in the fourth quarter. Analysts see earnings of 43 cents a share on revenue of $229 million. Despite guiding to the low end of expectations, shares were gaining $3.76 to $37.68.
shares were soaring 13% after the Israeli wireless equipment maker beat third-quarter expectations and guided above consensus for the fourth quarter. Excluding items, the company reported net income of $4.1 million, or 13 cents per diluted share, vs. $1.9 million or 7 cents a share in the year-ago period. The company reported revenue of $44.5 million, up from $30.5 million a year ago.
predicted earnings of 12 cents a share. The stock was gaining $2.11 to $18.36.
Upgrades also benefited several stocks. Shares of
were gaining 7.6% after a Raymond James analyst upgraded the Vancouver-based modem maker to strong buy from sector perform. The company is set to report earnings on Oct. 25. Shares were up $1.47 to $20.94.
also made gains, as Longbow nudged it up to buy from neutral. The company reports earnings Oct. 24. Shares were adding 60 cents, or 9.3%, to $7.04.
On the losing side,
was off 8.4% after news broke late Friday that the Internet calling company was hit with another patent suit, this time by
. Shares were losing 13 cents to $1.41.
was plummeting 22.1%, despite no major news. The Israeli company makes computer networking and communications equipment. Shares were losing $5.34 to $18.81.