Tech Stocks Carry the Stock Market Today
Investors are trying to brush off jobless claims that increased from last week and existing home sales that fell to an eight-month low.
After financials held the earnings spotlight for a week tech stocks are starting to take over. For the most part they are keeping up the positive trend set by banks.
Intel Corp. ( Nasdaq: INTC) reported second-quarter results after Tuesday's close that beat market expectations and offered strong full-year guidance. Intel stock rose more than 3% in trading yesterday but is down slightly today.
International Business Machines Corp. (NYSE: IBM) reported after yesterday's closing bell and blew past the average earnings per share estimate of $3.42 when it announced EPS of $3.51.
Yet, revenue for the second quarter fell 3% from last year to $25.8 billion, missing analysts' forecasts of $26.3 billion.
The company cited the debt crisis in Europe as one of the main factors bringing sales down but issued a positive outlook for the remainder of the year. IBM raised its 2012 profit outlook by 10 cents, to $15.10, ahead of Wall Street's median forecast of $15.06.
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