SAN FRANCISCO (MarketWatch) � Upbeat earnings and a new chief executive sent Computer Sciences shares soaring, giving the tech sector a lift on Wednesday.
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The group was weighed down by slipping shares of Oracle Corp. ORCL �and Research In Motion RIMM �, but the Nasdaq Composite Index COMP �managed to stay afloat, gaining 0.4% to close at 2,916.
Highlighting the day�s tech action were shares of Computer Sciences CSC �which moved up 18.5% to close at $31.39 after the information technology services company reported better-than-expected earnings and named Mike Lawrie as its new CEO.
Computer Sciences was top gainer on the S&P 500, which rose 0.2%.
The group also got a lift from Rambus Inc. RMBS �shares of which jumped 9% to close at $8.24 after unveiling a patent license deal with Nvidia Corp. NVDA �which saw its stock add 3.6% to close at $16.31.
Meanwhile, another IT services firm made its stunning debut as a publicly traded company, highlighting what�s expected to be a big year for tech IPOs.
Shares of Epam Systems EPAM �gained 16.7% to close at $14 as the company began trading on the New York Stock Exchange. The company priced 6 million shares at $12 a share, below an expected range of $16 to $18 a share.
The Morgan Stanley High Tech 35 Index MSH �added 0.5%, while the Philadelphia Semiconductor Index SOX �rose 1.3%.
Hewlett-Packard HPQ , Microsoft Corp MSFT �, Cisco Systems�CSCO �and Intel Corp INTC �posted gains joining the top gainers on the Dow Jones Industrial Average DJIA � which moved up 6 points.
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