The tech sector continued to move higher for the third sessions as the broader markets surged on Friday’s upbeat Jobs data. NASDAQ Composite moved back to $3000 mark in the opening session and now trading higher by +21.52 (0.72%) to 3,011.43. Technology SPDR (ETF)(NYSEARCA:XLK) added 0.54% to $29.91. NetApp Inc.(NASDAQ:NTAP) and AECOM Technology Corp(NYSE:ACM) are among top winners, however Leap Wireless International, Inc.(NASDAQ:LEAP) slumped on poor customers activity in the latest quarter.
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Facebook Inc(NASDAQ:FB) continued to rebound as well and rose 1.60% to $22.27, recovering 15.50% from its latest life time low of $19.82 in the past week. The company which has 900 million users has reached an agreement to launch its first ever online real money making game, which would allow users aged 18 to play the game to earn real online money. There are several concerns over the company’s potential to monetize its large user base. Analysts have mixed opinion on the stock with majority believes that the task would be difficult for the company going forward.
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NetApp Inc.(NASDAQ:NTAP) climbed 4.70% to $33.56 as analyst at analyst at UBS started coverage on the stock with a Buy rating.
Cisco Systems, Inc.(NASDAQ:CSCO) continued to move higher an rose another 1.63%. yesterday, the stock was up 2% after couple of stock upgrades from analyst at Deutsche Bank and Oppenheimer, stating they expect the company to beat the Wall Street estimates on August 15. Analyst at Oppenheimer pointed out that the company has witnessed solid product demand in the U.S. while Europe remains a challenge.
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Zynga Inc(NASDAQ:ZNGA) continued to rebound for the third straight session and climbed over 4% to trade above $3 mark for the first time in past two weeks. The stock had been under sever selling pressure and lost about 40% since reporting its poor quarterly numbers and also trimmed its full year guidance. It would be interesting to see how the stock would do after recent rebound.
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AECOM Technology Corp(NYSE:ACM) shares soared despite the company reported a fall in its third-quarter profit, which missed analysts’ target. The company earned $69.4 million, or 63 cents per share on revenue of $2.10 billion, compared to a year ago profit of $73.8 million, or 62 cents per share. Analysts had expected earnings of 64 cents per share on revenue of $2.09 billion. Shares of the company soared 18% to $18.85.
The Semiconductor sector is also showing buy action with Micron Technology, Inc.(NASDAQ:MU) leading the sector and rose 3% and Rambus Inc.(NASDAQ:RMBS) jumped another 8% after soaring 7% in the prior session.
First Solar, Inc.(NASDAQ:FSLR) surged another 6.50% after soaring 12% in the prior session. Yesterday, a host of solar stocks rebounded following positive sentiment on new industry information. Canadian Solar Inc.(NASDAQ:CSIQ) also added 4.12%.
Leap Wireless International, Inc.(NASDAQ:LEAP) gapped down by over 16.67% to $4.60 on concerns over poor customers activity as customer cancellations outpaced new customers in second quarter. During the quarter, the company lost a net 289,000 customers, much worse than analysts’ target of a loss of 76,000 customers. The company posted net loss of $41.6 million, or 54 cents a share, down from a year ago loss of $65.2 million, or 85 cents a share. Quarterly revenue came in at $786.8 million, 3.50% year over year increase. Analysts were estimating a loss of 50 cents a share, with revenue of $836 million.
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