Tech Sector Summary: Microsoft (NASDAQ:MSFT) Becomes Savior for Tech to Eke Out Gains
April 23, 2013 at 10:09 AM EDT
The Tech sector was pushed out of bearish claws on Friday's trading session, courtesy to high gains posted by a few of the leading sector players, like Microsoft, Google and Intel Corporation.
[Press Release Distribution]
Among the high volume gainers, Redmond based software king, Microsoft Corporation (NASDAQ:MSFT), topped the charts with robust volume of 99,793,502 shares traded and ended the session with a positive change of 3.39%, to $29.76.
The stock was accompanied by Sprint Nextel (NYSE:S) and Dell Inc. (NASDAQ:DELL), who also held strong volume, but Sprint and Dell were unable to find ground and ended the session losing -0.28% and -3.94%, respectively.
Microsoft Corp. (MSFT) was able to eke out traders confidence on Thursday afternoon, with mouth watering earnings for its recently ended third quarter, regardless of a generally witnessed decline in the PC market for the quarter.
Following the session’s closing bell on Friday, Microsoft declared fiscal third quarter results of $6.06 billion, or 72 cents per share, on revenue of $20.5 billion.
However, Dell on the other hand, experienced a rough session on Friday following Blackstone reported that it is no longer going after the technology firm in a takeover bid, as Dell’s financial profile was rusting away very quickly.
On Friday’s session, another tech component, International Business Machines Corp. (NYSE:IBM), was the top decliner in the S&P 500 following its first-quarter earnings were unable to cheer up experts at Wall Street.
The diversified computer systems firm (IBM) tumbled 8.3% on Friday, a day following the company declared its quarterly earnings for first quarter, which came in below Wall Street’s targets and reported a step that it would lower its labor force to reach its 2013 earnings prediction of $16.70 per share.
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