The tech sector is showing solid buying this morning lead by several big stocks on solid earnings including EMC Corporation(NYSE:EMC) and VMware, Inc.(NYSE:VMW) on earnings.
Facebook Inc (NASDAQ:FB) went up 0.96% to $28.36 on a traded volume of 3.98 million shares. Capstone Investments said the number of users fell over the past six months. U.S. users decreased 1.1% over the past six months. Facebook Inc is all set to report its second quarter 2012 financial results on July 26, 2012. The stock has lost about 9% in the past one week from its recent peak as investors are cautious about the company’s upcoming earnings.
VMware Inc (NYSE:VMW) jumped up 8.69% to $87.17 after the Company raised fiscal year 2012revenue guidance. The Company expects fiscal 2012 revenues to be between $4.540 billion and $4.635 billion. However, analysts are expecting the Company to report revenue of $4.58 billion for fiscal 2012.
EMC Corporation (NYSE:EMC) soared 9.05% to $25.0 after the Company announced preliminary second quarter 2012 results. The Company expects second quarter consolidated revenues of approximately $5.31 billion, an increase of 10% from the prior year period. Non-GAAP earnings per share will increase 11% to $0.39. EMC continues to expect to achieve its full-year 2012 goals of $22 billion in revenue and non-GAAP EPS of $1.70. The Company will release the second quarter results on July 24, 2012. Brean Murray Carret restated a buy rating on EMC Corporation) and a price target of $32.
Intel Corporation (NASDAQ:INTC) climbed up 2.40% to $25.99 on a traded volume of 27.57 million shares. The Company reported second quarter revenue of $13.5 billion, operating income of $3.8 billion, net income of $2.8 billion and EPS of $0.54. The Company generated approximately $4.7 billion in cash from operations. Intel paid dividends of $1.1 billion and used $1.1 billion to repurchase stock. The second quarter was highlighted by solid execution with continued strength in the data center and multiple product introductions in Ultrabooks and smartphones.The Company has purchased Whamcloud. Whamcloud is a commercial purveyor of the open-source Lustre file system, in order to fortify its position in the high-performance computing market. The terms of the deal have not yet been announced.
Yahoo! Inc (NASDAQ:YHOO) is down 0.03% to $15.60. The Company reported second quarter net income of $226.6 million or 18 cents per share compared to $237 million or 18 cents per share in the prior year period. Earnings were 27 cents per share, above the analyst’s estimate of 22 cents per share. The revenue from online display ads increased 2% year-on-year to $535 million, while its search revenue decreased 1% to $461 million.
