Tech Stocks Up Ahead of Greek Deal (ARMH, AAPL, STP, AONE, CCI, SIGM)
Technology Stocks edged higher with the broader rally on Thursday as reports surfacing that Greek may announce the successful completion of the deal between the country and private bondholders and thus help the country to get out of one of the biggest crisis.
ARM Holdings plc (ADR) (NASDAQ:ARMH) among the gainers and moved up 3.27% to $26.69. Morgan Stanley increased the rating on the stock to overweight. Piper Jaffray started coverage on the stock with an overweight rating and the price target is set at $33.00.
Apple Inc (NASDAQ:AAPL) is up 0.53% to $533.27 on a traded volume of 1.82 million shares a day after the company unveiled the latest version of its iPad tablet.. According to a person familiar with the matter, the U.S. Justice Department told Apple Inc and five publishers that it’s preparing to sue them for allegedly fixing the prices of electronic books.
Suntech Power Holdings Co Ltd (ADR) (NYSE:STP) declined 2.05% to $2.87 after the Company announced fourth quarter results. Total net revenues declined 33% to $629.0 million. Net loss was $136.9 million or $0.76 per diluted ADS compared to net gain of $358.0 million or $1.83per diluted ADS in the fourth quarter of 2010.
A123 Systems Inc (NASDAQ:AONE) decreased 4.38% to $1.53 after the Company posted fourth quarter results. Total revenue for the fourth quarter of 2011 was $40.4 million versus $24.0 million in the fourth quarter of 2010. Net loss was ($85.0) million or ($0.65) per common share compared to a net loss of ($45.7) million or ($0.43) per common share in the fourth quarter of 2010.
Crown Castle International Corp (NYSE:CCI) went up 2.74% to $54.04. BofA/Merrill increased its price target. Crown Castle International Corp will replace Constellation Energy Group Inc in the S&P 500 index.
Sigma Designs Inc (NASDAQ:SIGM) shares slid 10.15% to $4.91 after the company said that it lost 43 cents a share on revenue of $35.6 million in its fourth quarter, missing analysts’ estimates of a loss of 30 cents a sgae on revenue of $37.75 million.