By Rex Crum
Technology stocks started the month on a positive note Monday with sector leaders such as Hewlett-Packard Co., IBM Corp. and Apple Inc. leading a broad rally.
The tech-heavy Nasdaq Composite Index (RIXF) climbed more than 16 points to 2,061. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) were also in positive territory.
Among tech stocks, H-P (HPQ) rose 68 cents to $48.15, and IBM (IBM) shares added 60 cents to trade at $121.32. Apple (AAPL) shares rose $2.47 to $190.99.
Caris & Co. analyst Rob Cihra said in a research note that there is growing evidence that Apple should have a powerful Christmas selling season, led by strong sales of Mac computers and iPhones. Cihra also reiterated his $260-a-share price target and buy rating on Apple's stock.
Other gains came from Microsoft Corp. (MSFT), Cisco Systems Inc. (CSCO), Seagate Technology (STX) and Palm Inc. (PALM).
The GlobalFoundries board of directors said its chairman, Hector Ruiz, has stepped down. His departure comes about a week after he was named in a Wall Street Journal report as the source of confidential information about chipmaker Advanced Micro Devices Inc. (AMD) in the Galleon Group insider-trading case that has resulted in five arrests and has rocked the investment community. Ruiz has not been charged with any wrongdoing.
Ruiz had previously been chief executive and chairman of AMD, which recently spun off its manufacturing facilities to create GlobalFoundries.