Updated from 2:15 p.m. EST with new stock prices
Tech stocks made a comeback Tuesday as investors went bargin hunting after a big four-day selloff that was fueled by a disappointing sales outlook from tech bellwether
was up 10.5% after reports of brisk sales of the iPhone in the U.K. and Germany where it made its debut over the weekend. China, the world's biggest cell phone market, may be next. An
suggested Apple is in talks with service provider
to introduce the device in China. Shares of Apple were up $16.20 to $169.96 in recent trading.
Research In Motion
rose after investors saw a buying opportunity in a stock that has lost nearly 21% of its value in the last five days. RIM was up $9.95, or 9.7%, $112.55.
bounced back from a drop Monday and rose 12.8% after the company released an early version of its free product that helps companies better utilize new server capacity and analysts suggested that rival
virtualization offering is unlikely to have any short-term competitive impact on VMware.
Oracle announced Monday it will offer "Oracle VM" virtualization product to its customers for free and sell service contracts for it. The final version of VMware's new server product is expected to be available next year. Shares of VMware were up $10.27 to $90.63. Shares of
, which has an 86% stake in VMware, were also up 4.5% to $19.68.
Chinese search giant
shares soared after a positive research note from Citigroup. Analyst Jason Brueschke, who has a 'Buy' rating on the stock with a target price of $425, said the recent sell-off in Baidu was overdone. Baidu's stock lost 30% of its value in five days after a disappointing outlook from Cisco. Shares of Baidu were up Tuesday 13.3%, or $39.95, to $341.45.
was up 10% after the company raised it fourth-quarter guidance. Fourth-quarter EPS, before special charges, is now expected to be in the range of 38 cents to 40 cents a share, up from the previous guidance of 36 cents to 38 cents a share. Sales are now expected to be in the range of $1.53 billion to $1.56 billion, vs. earlier guidance of $1.50 billion to $1.55 billion. Analysts are expecting EPS of 38 cents on revenue of $1.54 billion.
fell 3.2% after the publishing software company said late Monday that CEO Bruce Chizen will step down on Dec. 1. Chizen, who has been at the helm of Adobe since 2000, will be replaced by current president and chief operating officer Shantanu Narayen.
Adobe also said it expects fourth-quarter revenue to come in at the high end of its target range of $860 million to $890 million. Analysts polled by Thomson Financial are looking for revenue of $886.38 million. The company forecast 2008 fiscal year revenue growth of 13%. Adobe reports its results on Dec. 17. Shares of Adobe were down $1.33 to $40.86.