Tech stocks were pulled higher Monday after sector giant
reported strong preliminary results for the fourth quarter.
IBM rose $5.84, or 6%, to $103.51 after the company said it expects to earn $2.80 a share from continuing operations in the fourth quarter, an increase of 24%, compared with earnings of $2.26 a share a year ago. IBM said fourth-quarter revenue increased 10% to $28.9 billion from the year before. Analysts were expecting EPS of $2.60 on revenue of $27.8 billion.
gained 85 cents, or 3.9%, to $22.84 a day ahead of the company's fourth-quarter earnings report. Analysts polled by Thomson Financial are expecting revenue of $10.84 billion and earnings of 40 cents a share in the fourth quarter.
, which had plunged nearly 13% Friday following its announcement that
had hired its chief operating officer to be the president of Microsoft business division, recovered some ground. Shares of Juniper were up $1.82, or 6.8%, to $28.42.
Shares of electronics maker
fell 32.9% after the company slashed
its outlook for fiscal 2008. Harman now expects adjusted earnings of $3 to $3.10 a share, before merger costs of 13 cents a share, but including the effect of the company's share buyback, for the year ending June 30. Analysts were looking for a profit of $4.31. The company attributed the miss to pricing pressure in the market for portable navigation devices. Harman's stock declined $22.71 to $46.25.
Business software maker
fell $1.82, or 6.3%, to $27.03 after Citigroup initiated coverage on the company with a sell rating. A Citigroup analyst, who has a price target of $28 on the stock, said the company's high valuation currently is not justified since revenue growth in the last two quarters has slowed and the competitive landscape is "intensifying."