Updated from 1:53 p.m. EST with new stock prices

Tech stocks posted modest gains Monday as the broader market indices turned positive on hopes of another rate cut from the Federal Reserve following weak new home sales data.

Corning ( GLW) rose 73 cents, or 3.3%, to $23.10 after the company beat analysts' estimates and guided higher for the current quarter.

Corning reported earnings of 40 cents a share in the fourth quarter, a penny better than analysts had expected. Sales for the quarter were $1.58 billion, in line with analysts' expectations of $1.5 billion.

For the current quarter, it guided for EPS of 42 cents on sales ranging between $1.59 billion to $1.62 billion. Analysts had been expecting earnings of 36 cents on sales of $1.52 billion.

Satellite radio company Sirius ( SIRI) added 19 cents, or 6.6%, to $3.08 on renewed speculation that the company's $4.6 billion bid for its rival XM ( XMSR) may be nearing regulatory approval.

Sirius has been waiting for FCC approval of the purchase since it announced the deal 11 months ago. Shares of XM were up 16 cents, or 1.5%, to $11.15.

Yahoo! ( YHOO) was off $1.16, or 5.3%, to $20.78, a day ahead of the company's fourth-quarter earnings report.

For the fourth quarter, Yahoo! forecast revenue between $1.31 billion and $1.45 billion. It didn't offer guidance on its EPS. Yahoo posted earnings of 19 cents a share on revenue of $1.22 billion a year ago.

Analysts polled by Thomson Financial expect EPS of 11 cents on revenue of $1.41 billion for the quarter. For the current quarter, analysts expect earnings of 12 cents a share on revenue of $1.37 billion.

Video games publisher THQ ( THQI) continued to sink following the company's announcement last week about its fiscal results.

THQ cut its profit outlook for the third and fourth quarter following the cancellation of several games and charges related to the poor performance of some titles last year. Shares of THQ were down 57 cents, or 2.9%, to $18.80.

Shares of Verizon ( VZ) fell 35 cents, or 0.9%, after the company met analysts' targets for the quarter on strength in its wireless unit.

Verizon reported adjusted earnings of $1.78 billion, or 62 cents a share, a dime better from the year before. Analysts were expecting 62 cents in earnings in the quarter. Sales rose 5.5% to $23.8 billion, compared with $22.6 billion a year ago and slightly lower than analysts' expectations of $24 billion for the quarter.

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