By Rex Crum
Technology stocks showed some signs of life in early trading Monday, as sector leaders such as Hewlett-Packard Co. and IBM Corp. tried to hold on to their gains and start the month on an upbeat note.
The tech-heavy Nasdaq Composite Index (RIXF) climbed 11 points to 2,056. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) were also up slightly.
Among tech stocks, H-P (HPQ) rose 1.3% to $48.07, and IBM (IBM) was up less than 1% to $121.14. Other gains came from Microsoft Corp. (MSFT), Cisco Systems Inc. (CSCO), Seagate Technology (STX) and Palm Inc. (PALM).
Apple Inc. (AAPL) shares rose 0.3% to $189.10. 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.
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 Global Foundries.