Technology stocks settled higher showing an upbeat trading session Monday, with additions from Apple Inc. helping to lead the rally after reports regarding the most recent sales of the iPhone 5.
The Nasdaq Composite Index gained above 39 points to settle at 3,010. The Philadelphia Semiconductor Index and the Morgan Stanley High Tech 35 Index similarlysettled with gains.
Apple Inc. (NASDAQ:AAPL) shares turned around from their early losses to increasenearly 2% to $518.83, following the company stated iPhone 5 sales in China surpassed more than 2 million units during the first weekend it was presented in the country.
Many analysts who cover Apple saw the iPhone 5 sales numbers as positive, but Citigroup’s Glen Yeung trimmed his rating on the stock late Sunday to neutral from buy, lowering his price estimate to $575 from $675 per share.
Also gainer included Compuware Corporation(NASDAQ:CPWR) that advancednearly 13%, to settle at $10.76. Elliott Management Corporation offered $2.3 billion, or $11 per share, to purchase the business-software firm.
In a testimonial, Elliott portfolio manager Jesse Cohn commented the company believes Compuware’s execution, profitability and growth have expressively disappointed.
Texas Instruments Incorporated(NASDAQ:TXN) was downgraded by analysts at Sterne Agee on Monday to underperform from neutral citing the company’s intended exit from the wireless segment as the catalyst. However its shares advanced 11 cents, to $30.91.
Research In Motion Limited (USA)(NASDAQ:RIMM) (TSE:RIM) slipped -0.82% to $13.93 after it was delisted from the Nasdaq’s list of 100 biggest nonfinancial stocks.
The astonishing rally in Research In Motion stock from its September depths exhibits no signs of waning before next month’s crucial launch of the company’s BlackBerry 10 smartphones, and the stock could ring up additional gains if RIM delivers on a handful of telling metrics in its quarterly report on Thursday.