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Tech stocks up as Google tops $400!

Zim Hosein

Zim Hosein

Super Moderator | Elite Member
Super Moderator
NEW YORK (Reuters) - U.S. technology stocks rose on Thursday, as strong earnings lifted investors' hopes for a year-end rally and helped send shares of bellwether Google Inc. (GOOG.N: Quote, Profile, Research) above $400 for the first time.

Google, the world's largest Web search engine, was up 1 percent at $402, after climbing as high as $403.81.

Data storage maker Network Appliance Inc.'s (NTAP.O: Quote, Profile, Research) shares gained 3.6 percent to $29.26 after it posted quarterly profit on Wednesday that beat analysts' forecasts.

Brocade Communications Systems Inc. (BRCDE.O: Quote, Profile, Research), which sells switches and software used for computer data networks, rose 5.1 percent to $4.36, a day after it posted preliminary quarterly results above Wall Street's forecasts.

"There's been a sentiment shift and we seem to be in rally mode," said John Derrick, a director for equity research at US Global Investors, in San Antonio, with $2.7 billion in assets. "Strong earnings by some key tech stocks are helping keep demand high for the sector as the growth outlook for them seems pretty solid."

The Dow Jones industrial average was up 8 points, or 0.08 percent, at 10,682.76. The Standard & Poor's 500 Index was up 4.95 points, or 0.40 percent, at 1,236.16. The technology-laced Nasdaq Composite Index was up 15.07 points, or 0.69 percent, at 2,203.

Hewlett-Packard Co. (HPQ.N: Quote, Profile, Research), the No. 2 personal computer maker, was among stocks boosting the Dow. The stock was up 1.8 percent at $28.79 ahead of the release of HP's quarterly earnings, due after the closing bell.

In a report released at noon EST (1700 GMT), the Federal Reserve Bank of Philadelphia said its index of U.S. Mid-Atlantic business activity fell to 11.5 in November from 17.3 in October. New orders fell, while a measure of prices paid by manufacturers also dropped from very high levels in the previous month.

But the Dow's rise was limited by a drop in Altria Group Inc. (MO.N: Quote, Profile, Research), parent of cigarette maker Philip Morris USA. The stock fell 2.6 percent to $71.94 after a Goldman Sachs & Co. analyst downgraded the company's stock to "in-line" from "outperform."

In other economic news, U.S. housing starts fell 5.6 percent in October while a drop in permits for new construction was the largest in more than six years, the government said, in a report indicating some cooling in the red-hot real estate market. Jobless claims fell in the latest week to the lowest level since April, while U.S. industrial output rose in October at the fastest rate since May 2004.

© Reuters 2005. All Rights Reserved.
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Tech stocks up as Google tops $400 WOW! :Q
 
Originally posted by: Zim Hosein
NEW YORK (Reuters) - U.S. technology stocks rose on Thursday, as strong earnings lifted investors' hopes for a year-end rally and helped send shares of bellwether Google Inc. (GOOG.N: Quote, Profile, Research) above $400 for the first time.

Google, the world's largest Web search engine, was up 1 percent at $402, after climbing as high as $403.81.

Data storage maker Network Appliance Inc.'s (NTAP.O: Quote, Profile, Research) shares gained 3.6 percent to $29.26 after it posted quarterly profit on Wednesday that beat analysts' forecasts.

Brocade Communications Systems Inc. (BRCDE.O: Quote, Profile, Research), which sells switches and software used for computer data networks, rose 5.1 percent to $4.36, a day after it posted preliminary quarterly results above Wall Street's forecasts.

"There's been a sentiment shift and we seem to be in rally mode," said John Derrick, a director for equity research at US Global Investors, in San Antonio, with $2.7 billion in assets. "Strong earnings by some key tech stocks are helping keep demand high for the sector as the growth outlook for them seems pretty solid."

The Dow Jones industrial average was up 8 points, or 0.08 percent, at 10,682.76. The Standard & Poor's 500 Index was up 4.95 points, or 0.40 percent, at 1,236.16. The technology-laced Nasdaq Composite Index was up 15.07 points, or 0.69 percent, at 2,203.

Hewlett-Packard Co. (HPQ.N: Quote, Profile, Research), the No. 2 personal computer maker, was among stocks boosting the Dow. The stock was up 1.8 percent at $28.79 ahead of the release of HP's quarterly earnings, due after the closing bell.

In a report released at noon EST (1700 GMT), the Federal Reserve Bank of Philadelphia said its index of U.S. Mid-Atlantic business activity fell to 11.5 in November from 17.3 in October. New orders fell, while a measure of prices paid by manufacturers also dropped from very high levels in the previous month.

But the Dow's rise was limited by a drop in Altria Group Inc. (MO.N: Quote, Profile, Research), parent of cigarette maker Philip Morris USA. The stock fell 2.6 percent to $71.94 after a Goldman Sachs & Co. analyst downgraded the company's stock to "in-line" from "outperform."

In other economic news, U.S. housing starts fell 5.6 percent in October while a drop in permits for new construction was the largest in more than six years, the government said, in a report indicating some cooling in the red-hot real estate market. Jobless claims fell in the latest week to the lowest level since April, while U.S. industrial output rose in October at the fastest rate since May 2004.

© Reuters 2005. All Rights Reserved.
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Tech stocks up as Google tops $400 WOW! :Q
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They inititally sold for $130 right?

That's a pretty nice return for anyone who bought in...

Someone's gonna hang themselves if it crashes.
 
I keep telling myself not to dive into this stock.....🙁 I had 10 k to invest a while ago, I just fvck it, it's going in a CD account. 🙁
 
OK everybody, BUY HIGH!

Isn't that the saying for making big money on stocks, "buy high, sell low"?

I'm too lazy to log in to my brokerage account to look up the P/E ratio for goog, but I'll make a guess that it's now climbed from "excessive" up to the "crazier than Busey" level.
 
Originally posted by: DaveSimmons
OK everybody, BUY HIGH!

Isn't that the saying for making big money on stocks, "buy high, sell low"?

I'm too lazy to log in to my brokerage account to look up the P/E ratio for goog, but I'll make a guess that it's now climbed from "excessive" up to the "crazier than Busey" level.
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LMFAO :laugh:

Cheers DaveSimmons :beer:
 
Originally posted by: ultimatebob
Originally posted by: Zim Hosein
Originally posted by: state 08
Originally posted by: ultimatebob
I loves the Google... It's keeping me solidly in the top 5 in the ATOT Stock Game! None of us stand a chance against MrLoserX, though, but we all know that he's cheating anyway 🙂
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How do you cheat?
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I'm curious as well! 😕
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Hey... If I knew that, I'D be the one with a 120% return in two weeks 🙂
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The quotes off that site are delayed. Simply get the quotes before the site updates and you win.
 
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