TECH STOCKS: H-P Gains A Rarity Among Tech Stocks

Date : 11/23/2010 @ 4:45PM
Source : Dow Jones News
Stock : Brocade Communications Systems, Inc. (MM) (BRCD)
Quote : 12.57  0.02 (0.16%) @ 5:11PM

TECH STOCKS: H-P Gains A Rarity Among Tech Stocks

Hewlett Packard (NYSE:HPQ)
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By Rex Crum

SAN FRANCISCO (MarketWatch) -- With Black Friday on the horizon, it turned into a red Tuesday for the tech sector as stocks slumped along with the broader market due to concerns about the bailout of Ireland and military tensions between South and North Korea.

A rare gainer was Hewlett-Packard Co. (HPQ), which rose 94 cents a share to $44.19 a day after the computer-industry giant reported a fiscal fourth-quarter profit of $2.5 billion, or $1.10 a share, on $33.8 billion in revenue. During the same period a year ago, H-P earned $2.4 billion, or 99 cents a share, on sales of $30.8 billion.

H-P's results topped the estimates of analysts surveyed by FactSet Research, who had forecast the company to earn $1.22 a share on $32.72 billion in revenue.

H-P's gain stood out Tuesday as the rest of the sector, and much of the overall market, slumped following an incident between North Korea and South Korea.

Reports from the Korean Peninsula said North Korea fired artillery shells at a South Korean island near the countries' western border. South Korean forces were said to be on their highest state of alert.

The incident rattled the U.S. stock market, and the tech sector stumbled as a result. The Nasdaq Composite Index (RIXF) fell 37 points, or almost 1.5%, to 2,494, while the Philadelphia Semiconductor Index (SOX) also closed in the red.

Netflix Inc. (NFLX) shares gave up 61 cents a share to $187.71 a day after the company announced a new, streaming-only subscription service in the U.S.

Decliners included Apple Inc. (AAPL), Google Inc. (GOOG), Adobe Systems Inc. (ADBE), Intel Corp. (INTC) and IBM Corp. (IBM).

Brocade Communications Systems Inc. (BRCD) shares fell 57 cents, or 10%, to $5.13 after the networking gear maker reported fourth-quarter earnings topped analysts' estimates, but gave a first-quarter outlook that fell shy of expectations.

 
 



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