Tech stocks were up modestly Monday as investors digested last week's slew of earnings reports and waited for an update on
gained $1.23, or 3.3%, to $38.27 after the company
for the first quarter and reported strong growth in its wireless and high-speed Internet divisions. Verizon reported adjusted earnings of $1.74 billion, or 61 cents a share, a nickel better than a year ago. Analysts were expecting earnings of 61 cents a share in the quarter. Sales rose 5.5% from a year ago to $23.8 billion and were roughly in line with expectations of $23.85 billion.
fell 7 cents, or 0.4%, to $17.40 after
that it has lower-than-expected orders from one of its major customers and cut its guidance for the third quarter. Sycamore said it now expects revenue of approximately $21 million, much lower than the $45.7 million analysts were looking for.
Microsoft lost 69 cents, or 2.3%, to $29.12 as the company's Saturday deadline for its $31-a-share unsolicited offer for Yahoo! passed without any response from Yahoo!. Shares of Yahoo! were up a penny to $26.81.
GPS-based navigation systems maker
gained $1.67, or 3.6%, to $47.76 ahead of the company's earnings report Wednesday. Analysts are expecting Garmin to report earnings of 75 cents a share on revenue of $712.11 million in the quarter. For the second quarter, it is expected to report EPS of $1.12 on revenue of $1.02 billion.
Shares of chipmaker
lost 17 cents, or 1.3%, to $12.96 despite an upgrade from an analyst at Friedman, Billings, Ramsey. The stock was upgraded to outperform from market perform on the belief that demand for the company's products will continue to rise and Marvell is likely to fill the position for its chief financial officer soon.