Saturday, July 21, 2012

Tech Stocks: Computer Sciences soars, techs edge up

SAN FRANCISCO (MarketWatch) � Upbeat earnings and a new chief executive sent Computer Sciences shares soaring, giving the tech sector a lift on Wednesday.

Click to Play Groupon's growing pains

As Groupon heads into its first earnings report, the company has to prove its business isn't just a fad and that it can make money. Otherwise, its $15 billion market value makes little sense.

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.

No comments:

Post a Comment