Tech stocks were climbing with the rest of the major market indices, helped by new talk of another economic stimulus package. The Nasdaq jumped 1.4% to 1736 in recent trading. Shares of SanDisk ( SNDK) slipped 9.4% to $14.05 after the company agreed to sell to Toshiba about 30% of the current manufacturing capacity of the companies' joint ventures. SanDisk expects to receive cash and reduce equipment lease obligations by about $1 billion through the transaction. The news comes ahead of SanDisk's quarterly earnings after the closing bell. Analysts anticipate a loss of 27 cents per share on $778 million in revenue. Shares of WebMD ( WBMD) were soaring 22.4% to $18.57 after the company terminated by mutual agreement a planned merger with HLTH Corp. ( HLTH) in light of the financial crisis. "The Boards of Directors of HLTH and WebMD believe that, in the current economic environment, it is important for a growth company like WebMD not to be encumbered by $650 million in long-term debt that would be coming due in 18 to 36 months," said Martin Wygod, chairman of the board of HLTH and of WebMD, in a statement. Shares of HLTH fell 14.6% to $7.77 in recent trading. Research In Motion ( RIMM) shares were down 7.1% to $54.82 after Morgan Keegan cut its revenue growth estimates in 2009 to 84% in 2009 from its previous forecast of 92%. It also chopped its estimates for 2010, to 56% from 70%. Shares of Ericsson ( ERIC) jumped 15.3% to $8 after the Stockholm-based telecom-gear maker posted an unexpected 13% increase in third-quarter revenue, boosting fellow network equipment makers.
Applied Materials ( AMAT) saw its shares climb 6.8% to $12.80 after Goldman Sachs upgraded the stock to buy from sell, noting that it had fallen 40% from a year ago and calling it "too low to ignore." Cisco ( CSCO) shares were up 4.5% to $18.72 after Morgan Keegan upgraded the stock to outperform from market perform, noting that the company is well-positioned for a downturn due in part to its strong balance sheet. Nobody ever made a dime by panicking, says Jim Cramer. Moneymaking opportunities exist despite the market turmoil. So where's a market master like Cramer putting his money these days? Check out his personal portfolio at Action Alerts PLUS. Take a free trial now.