The tech sector is biggest gainer on Wednesday with the NASDAQ Composite added about 1% in early morning session with major gains coming from EMC Corporation(NYSE:EMC) and VMware, Inc.(NYSE:VMW) on earnings. Technology SPDR (ETF)(NYSEARCA:XLK) surged 1.13% to $28.67 in first hour.
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EMC Corporation (NYSE:EMC) stock climbed 6.81% to $24.48 in the after hour trading after the company reported a 11% increase in adjusted earnings per share for the second quarter on higher revenues. Announcing its preliminary results, the company said its adjusted earnings per share for the second quarter increased to $0.39, while consolidated revenues for the quarter grew 10% to $5.31 billion. Analysts expect the company to report earnings of $0.40 per share for the quarter on revenue of $5.29 billion.
Apple Inc. (NASDAQ:AAPL) shares fell 0.01% to $606.85 in the early hour after Reuters reported that A U.S. judge rejected several requests by Apple Inc and Samsung Electronics Co Ltd to keep portions of key documents out of public view in their high-stakes patent litigation battle set for trial later this month. Apple Inc and Samsung Electronics Co Ltd are waging legal war in several countries, accusing each other of patent violations as they vie for supremacy in a fast-growing market for mobile devices.
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Also, Pac Crest's Andy Hargreaves cautions the company could deliver an FQ3 miss on Tuesday due to slowing iPhone sales, and that FQ4 estimates appear too high. Like most analysts voicing such concerns, Hargreaves still expects a huge December quarter thanks to the next iPhone's launch. Multiple analysts defended Apple yesterday.
eBay Inc (NASDAQ:EBAY) shares climbed 1.74% to $39.75 in the morning hour after the company’s payment business PayPal acquired card.io, a San Francisco-based start-up that provides technology for developers to capture credit card information using the camera on a smartphone. The employees at card.io will be joining the PayPal global product team in San Jose to help us create new experiences to make it even easier for consumers and merchants to use the PayPal digital wallet.
Yahoo! Inc. (NASDAQ:YHOO) shares climbed 0.06% to $15.61 in the early hour after the company reported a decline of 4.2% in net income at USD 228.4 million for the second quarter, as compared to net income of USD 238.5 million in the year ago period. The company's revenue stood at USD 1.08 billion in the second quarter of 2012, as against USD 1.07 billion in the year ago period.
ASML Holding N.V. (ADR) (NASDAQ:ASML) shares climbed 4.12% to $53.62 in the early hour after Tijd reported that the company announced that the company expects to report second half of fiscal year 2012 sales at between EUR 2.2 billion and EUR 2.4 billion. Additionally, the shares of ASML was downgraded by equities research analysts at Jefferies Group from a “buy” rating to a “hold” rating in a research note issued to investors today.
Telefonaktiebolaget LM Ericsson (ADR) (NASDAQ:ERIC) shares gained 3.25% to $8.58 in the morning hour after the company announced that for third quarter of 2012, it expects net sales to be approximately flat sequentially. The Company reported revenue of SEK50.974 billion in first quarter of 2012.