By Rex Crum
Technology stocks followed Salesforce.com Inc. north Friday and
a sectorwide rally helped push the Nasdaq Composite Index to its
highest close of the year.
The Nasdaq (RIXF) put in a fourth-straight winning performance,
climbing more than 31 points, or 1.6%, to close at 2,020. The
Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) each rose about 1.7%.
Gains came from Apple Inc. (AAPL), Microsoft Corp. (MSFT), Cisco
Systems Inc. (CSCO), Intel Corp. (INTC) and Adobe Systems Inc.
(ADBE).
Salesforce (CRM) was the day's big gainer, as the
management-software company's shares surged $7.49, or more than
16%, to close at $53.67 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.
A notable decliner was Intuit Inc. (INTC). The financial
software company's shares fell $2.23, or more than 7%, to $28.62
after it gave an earnings outlook for its 2010 fiscal year which
fell below analysts' estimates.
Dell Inc. (DELL) shares slipped by 6 cents to $14.49. The
computer-industry giant is schedule to deliver its second-quarter
results on Aug. 28.