TECH STOCKS: H-P Gives Tech Stocks A Boost In Wake Of Earnings

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks tried to maintain positive momentum Thursday, but Hewlett-Packard Co. remained a standout advancer following upbeat reaction to the tech giant's latest earnings results.

H-P (HPQ) shares rose more than 4% to $36.68 after the company late Wednesday reported a fiscal third-quarter profit, excluding one-time items, of 89 cents a share on $27.6 billion in sales. H-P met consensus earnings forecast and exceeded the $27.06 revenue estimate from analysts surveyed by FactSet.

Among the highlights of H-P's report was a 12% gain in PC revenue, with total units sold rising 13% from the year-ago period. (Read more about H-P and other stocks in Movers & Shakers http://www.marketwatch.com/story/ups-dollar-tree-hormel-foods-are-stocks-to-watch-thursday-2014-08-21.).

German chip maker Infineon Technologies slipped into the red after it said late Wednesday that it would acquire power-management semiconductor maker International Rectifier Corp. (IRF) for $3 billion in an all-cash deal.

Gains also came from eBay Inc. (EBAY), IBM Corp. (IBM) and Microsoft Corp. (MSFT), which rose 7 cents a share to $45.02 as analysts suggested the company make look at returning more cash to shareholders at next month's board meeting. (Read more about Microsoft's game plans in Rex On Techs http://www.marketwatch.com/story/microsofts-board-may-draw-up-new-game-plans-2014-08-20.).

Decliners included Salesforce.com Inc. (CRM) and videogame retailer GameStop Corp. (GME). Both companies are scheduled to report quarterly results after the close of trading.

The tech-heavy Nasdaq Composite Index (RIXF) rose 1 point to 4,527, while the Philadelphia Semiconductor Index (SOX) edged into positive territory.

(Read more about the day's market action in Market Snapshot http://www.marketwatch.com/story/us-stocks-futures-up-as-fed-china-given-the-brush-off-2014-08-21.).

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