Tech stocks were up Thursday, helped in part by strong earnings reports from companies such as
, as the major market indices gained on a pullback in oil prices.
Shares of Salesforce gained $4.34, or 6.9%, to $67.01 after
full-year guidance and reported strong revenue growth in the first quarter. First-quarter revenue grew 52% to $247.6 million, and topped Street expectations of $235.8 million. Profit grew to $9.6 million, or 8 cents a share, from $730,000, or 1 cent a share, a year ago. Analysts were expecting EPS of 7 cents. For the full year, Salesforce.com said it expects revenue to range from $1.06 billion to $1.065 billion, up from a previous projection of $1 billion to $1.02 billion and better than analysts' estimates of $1.045 billion in revenue.
Level 3 Communications
were up 33 cents, or 10.5%, to $3.49 after an analyst at Wachovia upgraded the stock to market perform from under perform on the belief that the company's fundamentals are improving.
Electronic design automation software company Synopsys rose $1.24, or 5%, to $25.93 after it
for the second quarter and raised its full-year guidance. Synopsys guided revenue for the year in the range from $1.325 billion to $1.34 billion, up from its previous guidance for a range of $1.3 billion to $1.32 billion. Guidance for EPS, excluding items, was raised to a range of $1.60 to $1.64, from a prior range of $1.56 to $1.61. Analysts were expecting revenue of $1.32 billion and EPS, less items, of $1.61.
added 53 cents, or 5.2%, to $10.72 after it swung to a loss for the first quarter but beat analysts' top-line expectations. Revenue fell 8% during the quarter to $179.2 million but was better than analysts' expectations of $170.1 million.
lost $3.39, or 6.7%, to $47.45 after the company offered guidance that
investors. For the second quarter, GameStop said it expects EPS to range from 26 cents to 28 cents compared to earnings of 14 cents the year before. Analysts are looking for EPS of 26 cents. GameStop said full-year EPS could be range from $2.30 to $2.39. That compares to Street expectations of $2.33.
fell $1.56, or 6%, to $24.23 after it offered first-quarter guidance below Street expectations. The company said it expects EPS of 20 cents to 23 cents a share, excluding items, on revenue of $845 million to $875 million. Analysts were expecting earnings of 27 cents a share on revenue of $870.9 million. An analyst at Caris downgraded the stock to average from buy following the results.
shed $2.63, or 6.7%, to $36.64 after an analyst at Goldman Sachs downgraded the stock to sell from neutral and added the company's shares to its Americas Sell List. The stock now stands near the analyst's 12-month price target of $35. Akamai also faces increased competition as private companies proliferate and some large network operators are beginning to eye the space, said the analyst in a note.