Updated from 2:34 p.m. EST with new stock prices
Tech stocks rallied Wednesday on news that the Federal Reserve cut interest rates by 50 basis points. Shares of Flextronics ( FLEX) gained $1.29, or 12.5%, to $11.60 after the company beat analysts expectations for the third quarter. The company reported a profit of $250 million, or 30 cents a share, excluding one-time items, that was 7 cents higher than a year ago and better than analysts' EPS expectations of 26 cents a share. Revenue rose 67% to $9.1 billion compared with $5.41 billion a year ago. Semiconductors company Qimonda ( QI) rose 67 cents, or 11.6%, to $6.45 after the stock received an upgrade from a Wall Street firm. An analyst at UBS upgraded the stock to a buy from neutral on the belief that DRAM, or dynamic random access memory, industry is "rationalizing" with a better match between supply and demand. Video-games publisher Electronic Arts ( ERTS) rose $1.66, or 3.6%, to $47.23, a day ahead of the company's third-quarter earnings report. For the quarter, analysts expect EA to report EPS of 90 cents on revenue of $1.73 billion compared with 63 cents a share on revenue of $1.28 billion a year ago. For the fourth quarter, analysts are expecting earnings of 16 cents a share on revenue of $837.3 million. IT security company Websense ( WBSN) gained $1.99, or 11.6%, to $19.09, a day after the company
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