By Rex Crum
Technology stocks were mostly on the rise in early trading
Friday, led by big gains from Salesforce.com Inc. after the
software company reported a second-quarter profit that exceeded
analysts' expectations.
Gains also came from Apple Inc. (AAPL), Microsoft Corp. (MSFT),
Cisco Systems Inc. (CSCO) and Adobe Systems Inc. (ADBE). The
tech-sector gains helped lift the Nasdaq Composite Index (RIXF)
more than 23 points to 2,012.
It was the first time the tech-heavy market gauge climbed above
2,000 since Aug. 14. The Morgan Stanley High Tech 35 Index (MSH)
and the Philadelphia Semiconductor Index (SOX) were also on the
rise.
Salesforce (CRM) shares surged $6.77, or 14.7%, to $52.96 after
the company said its second-quarter profit more-than-doubled from a
year ago. Salesforce reported earnings of $21.2 million, or 17
cents a share, on revenue of $316.1 million. During the same period
a year ago, Salesforce earned $10 million, or 8 cents a share, on
$263.1 million in sales.
Dell Inc. (DELL) shares edged up by 4 cents to $14.62. The
computer-industry giant is schedule to deliver its second-quarter
results on Aug. 28.
One notable decliner was financial software company Intuit Inc.
(INTC), which fell $2.02 a share, or 6.6%, to $28.94. Late
Thursday, Intuit gave earnings outlook for its 2010 fiscal year
which fell below analysts' estimates.