Tech stocks continued to move higher on Thursday for the fifth consecutive session as investors continues to cheer an unexpected fall in jobless claims last week. The NASDAQ Composite(INDEXNASDAQ:.IXIC) rose 7.39 (0.25%) to 3,018.64, extending its 1 week rally to over 2%.
Activision Blizzard Inc (NASDAQ:ATVI) went up 0.90% to $11.76 after the Company increased fiscal year 2012 guidance. The Company expects GAAP net revenues of $4.330 billion and GAAP earnings per diluted share of $0.69. The Company expects GAAP net revenues of $740 million and GAAP earnings per diluted share of $0.06 for the third quarter of 2012.
Cisco Systems Inc (NASDAQ:CSCO) jumped up 3.09% to $17.69, extending its weekly rally to about 13%. Piper Jaffray raised the rating on the stock from neutral to overweight in a report released. The firm currently has a $22.00 target price on the stock.
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The Company has completed the acquisition of NDS Group Ltd. NDS Group Ltd is a provider of video software and content security solutions that enable service providers and media companies. Under the terms of the agreement, Cisco paid approximately $5 billion to acquire all of the business and operations of NDS.
OSI Systems Inc (NASDAQ:OSIS) soared 4.75% to $67.46 after the Company announced fourth quarter results. Net income was $15.9 million or $0.78 per share compared to $12 million or $0.61 per share in the prior year period. Revenues climbed to $235 million versus $183 million in the same quarter previous year. However, analysts expected the Company to earn $0.80 per share on revenues of $218.15 million for the quarter.
Nokia Corporation (ADR) (NYSE:NOK) went up 4.31% to $2.79. Vringo, Inc.(NYSEAMEX:VRNG) is buying more than 500 global patents from Nokia. The portfolio encompasses a broad range of technologies and declared essential by Nokia to wireless communications standards. Shares of VRNG ended lower by 3%.
Can NOK Continues To Move Higher? Find Here
Zynga Inc (NASDAQ:ZNGA) moved down 1.29% to $2.9. The Company’s chief operating officer John Schappert has resigned from his position.
Universal Studios Home Entertainment and Zynga announced a first time partnership to commemorate the highly anticipated debut of Dr. Seuss ‘the Lorax on Blu-ray(TM) & DVD on August 7, 2012.