By Dan Gallagher
Tech stocks picked up strong gains Tuesday, as sector leaders
Hewlett-Packard Co. and Cisco Systems Inc. rose.
Cisco (CSCO) shares rose 3.2% to $21.95 during a scheduled
meeting with Wall Street analysts, after the tech bellwether's
Chief Executive John Chambers detailed plans to initiate a dividend
in 2011. Analysts are looking to Cisco for clues about the health
of the overall market for corporate tech spending for the rest of
the year and early into next.
H-P (HPQ) shares were up 4% at $39.80, while fellow PC maker
Dell Inc. (DELL) rose more than 1.2% to $12.46.
The Nasdaq Composite Index (RIXF) rose 0.7% while the Morgan
Stanley High Tech 35 Index (MSH) rose 1.1%. The Philadelphia
Semiconductor Index (SOX) was up 2.4%.
Other tech gainers included Apple Inc. (AAPL), EMC Corp. (EMC),
Adobe Systems Inc. (ADBE), Intel Corp. (INTC), Microsoft Corp.
(MSFT), Google Inc. (GOOG) and Corning Inc. (GLW). Stocks in the
red included and Yahoo Inc. (YHOO) and eBay Inc. (EBAY).