COMDEX Whipping High-Tech Stocks
As
you might expect, the world’s largest computer expo (COMDEX) has put the whip to
a number of high-tech stocks today. One of the most notable
movers in the tech space has been Covad
Communications
(
COVD |
Quote |
Chart |
News |
PowerRating), which has seen a jump of better than 30%
after the provider of broadband services announced it had restructured its
resale and marketing pact with SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating).
Another
hot topic has been Compaq Computer
(
CPQ |
Quote |
Chart |
News |
PowerRating),
which has apparently wowed a number of analysts out in Las Vegas at Comdex. One
Bear Stearns analyst says the adoption rate for Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) Pentium 4 chip was “much higher” than expected,
and thus the 15% rally in shares of the computer maker’s stock.
Outside
the tech sector, the retailers are stealing what remains of the spotlight, as Home
Depot
(
HD |
Quote |
Chart |
News |
PowerRating), Abercrombie and Fitch
(
ANF |
Quote |
Chart |
News |
PowerRating) and WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating)
all announced earnings today. The good news from HD was powerful enough to push
the Atlanta-based retailer’s shares higher by $2.37, making it the number two
stock in the Dow behind 3M
(
MMM |
Quote |
Chart |
News |
PowerRating), which is up better than $2.90 on robust volume.
Probably
the surprise of the day was that Miami-based fashion firm Perry
Ellis International
(
PERY |
Quote |
Chart |
News |
PowerRating) beat Street estimates, primarily due
to its cost-cutting efforts.
Lastly, the CEO of
the world’s largest maker of fiber-optic cable, Corning
(
GLW |
Quote |
Chart |
News |
PowerRating) sees a turnaround in its business in the second half of
2002. The Chairman went on to say that he saw no job cuts in 2002. That helped
boost employee morale and
shareholder value and pushed up shares of competitor JDS
Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) as well.