Tech stocks surged Tuesday, as traders returned from the long holiday weekend to find a big deal proposal in the wireless space and optimism about two of the sector's biggest names.
shares were jumping 4.7% after reports that iPhone sales were
exceeding estimates. Market research firm iSuppli expects Apple to sell nearly 4.5 million iPhones this year and 13.5 million in 2008. Apple expects to sell 10 million by the end of next year. Shares were gaining $6.39 to $144.87.
also was on the rise after Bear Stearns labeled the Internet stock a "
top pick." Shares were gaining $1.61, or 7.1%, to $24.34.
Apple, Yahoo! and fellow tech giant
-- which was gaining 4.3% to $83.37 -- were boosting the Nasdaq 100. The index was up almost 40 points to about 2028.
was surging 15.7% after rival low-cost wireless provider
proposed a $5.5 billion merger. The all-stock offer calls for MetroPCS to exchange 2.75 of its shares for each Leap share, a 3% premium to Friday's closing prices. Leap shares were gaining $11.39 to $83.89, while MetroPCS shares were up 82 cents, or 3%, to $28.11
, which makes solar panel components, soared 16.3% after Piper Jaffray upgraded the stock to market perform from underperform. Shares were gaining $1.57 to $10.48.
led a strong day for the semiconductor space. Advanced Semiconductor Engineering, ASE Test's parent, proposed taking the subsidiary private in an all-cash deal worth $14.78 for each ASE Test ordinary share listed on
and the equivalent of 18.5 cents a share (based on the prevailing exchange rate) for each ASE Test Taiwan Depository Share on the Taiwan Stock Exchange. ASE Test shares were up $2.62, or 22.3%, to $14.39 on the Nasdaq.
One chipmaker that was not a part of the space's solid day was
Smart Modular Technologies
. Citigroup downgraded the stock to hold from buy, sending shares down 93 cents, or 8.5%, to $10.02.