By Rex Crum
Gains from Apple Inc., Texas Instruments Inc. and Lexmark
International Inc. highlighted tech-sector action in early trading
Tuesday, but enough decliners emerged to pull the tech-heavy Nasdaq
Composite Index into the red.
Apple (AAPL) shared climbed $10.23, or more than 5%, to $200.11
after the company reported a 46% increase in its fourth-quarter
earnings late Monday. Apple said the results were led by
better-than-expected sales of iPhone and Mac computers.
TI (TXN) shares rose 32 cents to $23.84 after the semiconductor
giant reported late Monday a 4.4% drop in its third-quarter
earnings, but still topped the consensus estimates of analysts
surveyed by FactSet Research. TI said its results were helped by
strong sales in its analog chip business.
Printing and imaging company Lexmark (LXK) saw its shares surge
$3.23, or more than 14%, to $25.80. Before the market opened,
Lexmark reported mixed third quarter earnings and sales that still
managed to top analysts' forecasts. Lexmark also said it would cut
825 jobs in a move that will eventually save the company $110
million annually.
Other gains came from Dell Inc. (DELL), Hewlett-Packard Co.
(HPQ), Cisco Systems Inc. (CSCO) and Intel Corp. (INTC).
But decliners such as Microsoft Corp. (MSFT), Oracle
Corp.(ORCL), EMC Corp. (EMC) and IBM Corp. also made their presence
felt on the market.
The tech-heavy Nasdaq Composite Index (RIXF) dipped 2 points to
2,174. The Morgan Stanley High Tech 35 Index (MSH) and the
Philadelphia Semiconductor Index (SOX) posted small gains.
Earnings reports after the market close were expected from Yahoo
Inc. (YHOO), Seagate Technology (STX) and SanDisk Corp. (SNDK).