What’s Feeding The Rally…
U.S. stocks are rallying, sending the Nasdaq
Composite to a six-month high, as software makers Oracle
(
ORCL |
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PowerRating) and Siebel
Systems
(
SEBL |
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(
SAP |
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2001 sales rose more than forecast.
The Nasdaq
(
$COMPQ |
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PowerRating) is higher at
2094.75, up 39.01. The S&P 500
(
$SPX |
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PowerRating) is higher by 11.31 to
1172.02, and the Dow Jones Industrial Average
(
$INDU |
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to 10236.49. The S&P Software and Services Index is up 3%, extending its
gain since Sept. 21 to 48%.
The S&P 500 has surged 21% since Sept. 21
when it fell to its lowest point in three years. The Dow has gained 24% in that
span, and the Nasdaq Composite Index jumped 47%.
Cisco Systems
(
CSCO |
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PowerRating) is up .76 to
21.72 after Chief Executive Officer John Chambers said the company expects to
capture market share from computer-networking competitors this quarter. November
and December orders at the biggest maker of computer-networking equipment were
in line with previous months, said CEO Chambers, without offering specific sales
figures.
Broadcom
(
BRCM |
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PowerRating) is trading higher
today. Goldman, Sachs & Co. analyst Nathaniel Cohn expects the biggest maker
of cable-modem chips to report rising sequential revenue in the fourth and first
quarters. Improvements in enterprise, server and cable markets and new products
will help boost sales, he said.
Computer server maker Sun Microsystems
(
SUNW |
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PowerRating) is up .25 to 14.17.
Software maker Siebel Systems
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SEBL |
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PowerRating)
is up 2.36 to 35.65, and Intel
(
INTC |
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climbed $1.06 to $36.64.
Gilead Sciences
(
GILD |
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for a third day, currently up 1.93 to 65.77. The biotechnology company said
after markets closed yesterday that it was profitable in 2001 because of gains
on the sale of its cancer treatment business and expects to stay profitable this
year on sales of its recently approved Viread treatment for HIV.
Best Buy
(
BBY |
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PowerRating) is up 1.37 to 76.13.
The United States’ biggest electronics chain said fiscal fourth-quarter profits will rise more
than forecast on better-than-expected holiday sales. The retailer said it will
earn $1.35 to $1.40 a share, beating analysts’ estimates by as much as 6%.
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