TECH STOCKS: Tech Investors Key On Electronic Arts, Broadcom

Date : 02/02/2011 @ 2:10PM
Source : Dow Jones News
Stock : Sunedison, Inc. (PN) (SUNEQ)
Quote : 0.0101  0.0 (0.00%) @ 2:06AM

TECH STOCKS: Tech Investors Key On Electronic Arts, Broadcom

Electronic Arts Inc. (MM) (NASDAQ:ERTS)
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By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology was one of the two sectors of the S&P 500's 10 industry groups to edge higher Tuesday, led by MEMC Electronic Materials Inc. and Electronic Arts Inc.

The gains of the two companies's stocks helped offset investors disappointment over Broadcom's results.

Shares of Electronic Arts (ERTS) jumped more than 14% after the videogame publisher issued a better-than-expected outlook.

Shares of MEMC Electronic Materials(WFR) also soared more than 12% a day after the company reported it swung to a profit on surging sales.

Shares of Broadcom (BRCM) moved down more than 7%.

Late Tuesday, the communications chip company reported fourth-quarter results that exceeded Wall Street expectations, but analysts cited worries about rising operating expenses.

"Broadcom reported solid fourth-quarter financial results and first-quarter revenue and margin guidance, although higher first-quarter operating expense guidance and a lack of meaningful revenue guidance upside may cause some near-term profit taking," said FBR Capital analyst Craig Berger in a note.

The Nasdaq Composite Index (RIXF) was mostly flat, down a fraction to 2,751 at last check. Both the Morgan Stanley High Tech 35 Index(MSH) and the Philadelphia Semiconductor Index (SOX) were each up a fraction.


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