Tech stocks posted modest gains after recovering from a sell-off earlier in the day that was influenced by bellwether Cisco's
added $2.46, or 8.3%, to $32.19 after it
sailed past analysts' expectations for the fourth quarter.
The company reported net income of $35.9 million in the quarter, or 20 cents a share, up from $20.6 million, or 12 cents, a year ago. Excluding certain items, Akamai would have earned 41 cents a share, handily beating analysts' estimates of 37 cents.
Fourth-quarter revenue rose 46% to $183.2 million, which was higher than the Street's expectations of $175 million.
Level 3 Communications
gained 15 cents, or 4.8%, to $3.29 after it reported a smaller-than-expected loss in the fourth quarter.
The company reported a loss of $91 million, or 6 cents a share, compared with a loss of $174 million, or 11 cents per share, a year ago. Analysts were expecting a loss of 11 cents a share. Revenue rose to $1.1 billion compared with $1.06 billion a year ago, exceeding Street expectations of $1.08 billion.
gained 68 cents, or 2.8%, to $23.54, a day after the company declared a quarterly dividend of 5 cents a share. Corning also said it will spend $453 million to expand its liquid crystal display glass manufacturing facility in Taiwan.
Navigational devices maker
recovered from a sell-off following GPS chips maker
earnings report Monday.
SiRF saw profits fall 92% in the fourth quarter and offered guidance below Street expectations that sparked investor fears that demand for GPS navigational devices may be heading for a slowdown. Shares of Garmin were up $3.94, or 6.2%, to $67.39.
Technology services company
Electronic Data Systems
saw shares fall $1.48, or 7.5%, to $18.12 after it posted a disappointing fourth-quarter earnings report along with a weak outlook that noted a slowdown in outsourcing contracts.
For the fourth quarter, EDS earned $189 million, or 36 cents a share, compared with $217 million, or 40 cents a share, a year ago.
Adjusted earnings were $295 million, or 55 cents a share, on revenue of $5.83 billion, compared to $254 million, or 47 cents a share, on revenue of $5.7 billion. Analysts were expecting EPS of 57 cents on revenue of $5.88 billion.