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| Subject: Last Update: 9:29 AM ET Jan. 23, 2003 | |
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Author: Tech stocks set to rally |
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Date Posted: 06:39:20 01/23/03 Thu Tech stocks set to rally Eye on AT&T, Texas Instruments, Nokia By Allen Wan, CBS.MarketWatch.com Last Update: 9:29 AM ET Jan. 23, 2003 NEW YORK (CBS.MW) - Technology stocks were set to rally at the open Thursday following a spate of encouraging comments on growth from chipmakers and software companies. EARNINGSWATCH Caterpillar beats Q4 ests., but cautious about 2003 Tech stocks set to rally Nokia hits Dec. targets, sticks to volume outlook MBNA comes in a nickel short in Q4; boosts div Free! Sign up here to receive our Before the Bell e-Newsletter! TRACK THESE TOPICS My Portfolio Alerts Company: DIAMONDS Trust 1 Add Create Column: Market Snapshot Create Company: Texas Instruments Incorporated Add Create Company: Intel Corporation Add Create Get Breaking News sent directly to your inbox Create A Portfolio | Create An Alert Nasdaq-100 futures rose 1.9 percent to 1,024, while S&P futures gained 0.7 percent to 884. The "Diamonds" (DIA: news, chart, profile), a tracking stock for the Dow industrials, tacked on 44 cents to $83.80 in pre-open trading over regional exchanges. Read Indications. Shares of Texas Instruments (TXN: news, chart, profile) surged 12 percent at the pre-open to $15.90, leading the chip stocks higher. Intel (INTC: news, chart, profile) was up 36 cents to $16.61 ahead of the open. TI gained as sales increased 20 percent in its quarter to outpace its forecast issued last month, thanks to steady semiconductor demand in the final weeks of the year. See full story Wireless firm Qualcomm (QCOM: news, chart, profile) jumped $2.06 to $38.75 after it reported an 83 percent jump in first-quarter profits that beat expectations and boosted its second-quarter and full-year forecasts. Read full story. European tech trendsetter Nokia lent support by sticking to expectations for 10 percent or more growth in handsets for 2003, even as it issued a subdued outlook for earnings and sales in the first quarter. ADRs were up 60 cents to $15.55 on Instinet. See full story Despite the Nokia (NOK: news, chart, profile) news, AT&T's (T: news, chart, profile) caution was keeping a lid on the pre-market as the latter's shares dropped 4.4 percent to $24.20. AT&T posted a net profit in the fourth quarter as a result of a onetime gain from the sale of its cable unit, but the long-distance giant saw revenue continue to decline. The telecom giant said it doesn't expect the slumping telecom industry to significantly improve in 2003, but the carrier predicted that sales would decline at a slower rate this year than in 2002. Read full story. On the economic front, the four-week moving average of initial jobless benefits requests fell modestly in the latest week, while the more-volatile weekly number rose, the latest figures from the Labor Department showed. For the week ended Saturday, Jan. 18, initial claims were 381,000, an increase of 18,000 from the previous week's revised 363,000. Read full story. Among other high-profile tech stocks, EMC (EMC: news, chart, profile) reported fourth quarter results that matched expectations, and indicated that first quarter results could exceed current forecasts. PeopleSoft (PSFT: news, chart, profile) beat its fourth-quarter earnings target and said it intends to meet or exceed expectations for its first quarter. Read full story. There was a lone bright spot in the beleaguered airline industry as JetBlue Airways (JBLU: news, chart, profile) ascended 4.1 percent after Morgan Stanley upgraded the low-fare air carrier to "overweight" from "equal weight" on the belief that the company has the "best fundamentals among airlines. On the down side, drug giant Eli Lilly (LLY: news, chart, profile) met fourth quarter earnings expectations, but missed on revenue goals and warned on the first quarter. On Wednesday, blue chips tumbled as massive losses for Kodak helped wipe away the Dow's gains for the year, while a Lucent-inspired rally for technology stocks fizzled by the day's end. The Dow Jones Industrial Average ($INDU: news, chart, profile) fell for a fifth straight session, sinking another 124 points, or 1.5 percent, to 8,318. The Nasdaq Composite ($COMPQ: news, chart, profile) reversed gears to end down 4 points, or 0.3 percent at 1,359. The S&P 500 Index also lost its gains for 2003 as it ended down 1 percent at 878. Allen Wan is a news editor for CBS.MarketWatch.com in New York. More MARKET SNAPSHOT •Bad picture for blue chips as Kodak sinks Dow 4:30pm ET 01/22/03 •Stocks sink as war jitters overshadow earnings 4:16pm ET 01/21/03 •Rally could be riding on big earnings week 4:33am ET 01/18/03 •Microsoft's plunge pulls down Dow, Nasdaq 4:29pm ET 01/17/03 •Blue chips join tech stocks in losing column on Iraq 4:39pm ET 01/16/03 Latest Industry News Get Alerted on News in this Industry •Integrated Alarm Services ups size, price of IPO 9:06am ET 01/23/03 •Treasurys weakened by expected stock gains 8:59am ET 01/23/03 •Before the Bell: Texas Instruments, Nokia, Southwest, E 8:39am ET 01/23/03 •London: Abbey downgrade offsets U.K.'s Pru report 8:04am ET 01/23/03 •Tech buying boosts Tokyo stocks; SK Telecom dives 4:14am ET 01/23/03 [ Next Thread | Previous Thread | Next Message | Previous Message ] |