By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks looked to add to the
prior day's gains in early trading Wednesday as investor prepare to
turn their attention toward the earnings results from Cisco Systems
Inc. after the close of trading.
Cisco (CSCO) edged up by 9 cents a share to $22.79 ahead of the
networking equipment maker's fiscal second-quarter results.
Analysts surveyed by FactSet estimate Cisco will earn 46 cents a
share on $11.04 billion in revenue. That's down from the 51 cents a
share Cisco earned on sales of $12.1 billion a year ago.
NetApp Inc. (NTAP) rose 1%, to $44.16 and Nvidia Corp. (NVDA)
was up by 1.3% at $16.47 a share. Both companies are also on tap to
report quarterly results after the market closes.
Amazon.com Inc. (AMZN) was off by 3% to trade at $350.33. Before
the market opened, UBS analyst Eric Sheridan cut his rating on
Amazon to neutral from buy and lowered his price target to $375 a
share from $450, partly due to a survey suggesting fewer Amazon
Prime subscribers would renew their memberships if Amazon raises it
annual fee above its current $79 rate.
TripAdvisor Inc. (TRIP) climbed more than 6%, to $89.74 after
the online travel review and recommendation company reported better
than expected fourth-quarter revenue late Tuesday.
Among leading tech stocks, gains came from Apple Inc. (AAPL),
Microsoft Corp. (MSFT), Hewlett-Packard Co. (HPQ) Micron Technology
Inc. (MU) and IBM Corp. (IBM). The Nasdaq Composite Index (RIXF)
rose 12 points to 4,203 and the Philadelphia Semiconductor Index
(SOX) was up by almost 1%.
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