By Rex Crum
Technology stocks added to their gains in afternoon trading
Friday as an advance from Salesforce.com Inc. led the rally 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 25 points to 2,014.
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 each also up
about 1.4%.
Salesforce (CRM) shares surged $7.19, or 15.6%, to $53.35 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.
Financial software company Intuit Inc. (INTC) remained in the
red and was down by $2.32 a share, or 7.6%, at $28.52. Late
Thursday, Intuit gave earnings outlook for its 2010 fiscal year
which fell below analysts' estimates.