TECH STOCKS: Tech Investors Key On EA, Broadcom

Date : 02/02/2011 @ 4:55PM
Source : Dow Jones News
Stock : Sunedison, Inc. (PN) (SUNEQ)
Quote : 0.0111  -0.0034 (-23.45%) @ 4:00PM

TECH STOCKS: Tech Investors Key On EA, Broadcom

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

SAN FRANCISCO (MarketWatch) -- Technology was the only sector gainer on the S&P 500's 10 industry groups on Wednesday, buoyed in gains in shares of 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 15.8% to close at $18.09 after the videogame publisher issued a better-than-expected outlook.

Shares of MEMC Electronic Materials(WFR) also soared 15.4% to close at $13.42 after the company reported it swung to a profit on surging sales.

Shares of Broadcom (BRCM) moved down 5.6% to close at $43.80.

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," FBR Capital analyst Craig Berger wrote in a note.

The Nasdaq Composite Index (RIXF) slipped 1 point to close at 2,750. However, both the Morgan Stanley High Tech 35 Index(MSH) and the Philadelphia Semiconductor Index (SOX) were each up a fraction.

 
 

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