Tuesday's Tech Winners & Losers
Updated from 12:13 p.m. EDT
Tech stocks were up modestly early Tuesday, as investors awaited the
Federal Reserve's
expected action on interest rates in the afternoon.
A majority of the Nasdaq 100 was up today. Chipmaker
Nvidia
(NVDA) - Get NVIDIA Corporation Report
gained 8.8% to close at $35.
BEA Systems
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was one of the few decliners, losing 0.2% to $13.29.
The index gained about 52 points to 2035.37.
Transaction management software maker
Synchronoss Technologies
(SNCR) - Get Synchronoss Technologies Inc. Report
was among the bigger movers, surging 10.3% to a new 52-week high of $42, despite no major news. Shares have climbed fairly steadily, with a few drops, since its 2006 IPO.
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Move
(MOVE)
, which operates the
Move.com real estate listings site, climbed 9.8% after saying, after Monday's bell, it would buy back $50 million worth of shares. The stock gained 28 cents to $3.14.
ON Semiconductor
(ONNN)
gained 6.2% after Wachovia upgraded the stock to outperform from market perform. Shares added 71 cents to $12.22.
Video game makers
Activision
(ATVI) - Get Activision Blizzard Inc Report
and
Electronic Arts
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both made modest gains after Goldman Sachs initiated coverage of the stocks with buy ratings. Activision shares jumped 3.9% to $20.80, while Electronic Arts jumped 3.7% to $55.72.
Adobe Systems
(ADBE) - Get Adobe Inc. Report
rose 1.5% after an
earnings beat announced after Monday's close. The design and publishing software company reported revenue of $851.7 million, vs. $602.2 million in the year-ago period. Analysts polled by Thomson Financial forecast revenue of $789.3 million. Excluding items, Adobe reported diluted earnings of 45 cents a share, compared to 29 cents a share in the year-ago period. Analysts had expected earnings of 40 cents a share.
The company also provided fourth-quarter guidance above analysts' estimates. Adobe sees revenue of between $860 million and $890 million and non-GAAP earnings per share of between 46 cents and 48 cents. Analysts expected revenue of $842.5 million and earnings of 44 cents a share. The stock closed up 65 cents to $43.71.
