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TECH STOCKS: Tech Stocks Follow LSI To Close With Gains

By Rex Crum Big gains from LSI Corp. highlighted tech-sector trading Wednesday as the semiconductor company raised its first-quarter earnings and revenue forecasts. LSI's shares rose 52 cents, or almost 9%, to close at $6.34. Before the market opened, LSI (LSI) said it expects to report a quarterly range between a loss of 3 cents a share and a profit of 4 cents a share, on revenue of $620 million to $640 million. Excluding one-time items, LSI said it should earn between 7 cents and 11 cents a share for the first quarter ending April 4. Analysts surveyed by FactSet Research had forecast LSI to earn 7 cents a share, excluding one-time items, on $603 million in sales. LSI's outlook suggests better-than-expected purchases from corporate enterprise customers. Chief Executive Abhi Talwalker said that the company experienced strength across all product areas and that "the majority of our revenues are tied to enterprise purchases of servers, data storage and networking infrastructure." With LSI in the lead, other chip stocks also gained, including Advanced Micro Devices Inc. (AMD), Micron Technology Inc. (MU) and Broadcom Corp. (BRCM). The Nasdaq Composite Index (RIXF) ended the day up by 11 points at 2,389, while the Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) also advanced. Among other tech stocks, Adobe Systems Inc. (ADBE) rose 47 cents a share to $35.49 after the Brigantine brokerage raised its rating on the software company to buy from hold. Gains also came from Microsoft Corp. (MSFT), Dell Inc. (DELL), Cisco Systems Inc. (CSCO) and Google Inc. (GOOG). Netflix Inc. (NFLX) shares rose 29 cents to close at $70.92. Blockbuster Inc. (BBI), one of Netflix's top rivals, said it may soon file for bankruptcy.

Stock News for Blockbuster (BBI)
06/29/201010:41:36NCR To Put DVD Kiosks At More Than 500 MAPCO, Daily's Stores
05/17/201019:14:32Icahn More Than Doubled Genzyme Stake In 1Q; Buys Chesapeake
04/22/201017:01:09NCR 1Q Loss Widens On Pension Costs, Sees Improved Backlog
04/20/201015:17:21CORRECT: NCR To Offer Digital Downloads At Airport Kiosks
04/20/201013:47:30NCR To Offer Digital Downloads At Airport Kiosks
04/16/201016:55:07CORRECT: NCR Corp To Place DVD Kiosks At Kwik Trip Stores
04/16/201016:38:13NCR Corp To Place DVD Kiosks At Nearly 500 Kwik Trip Stores
04/16/201015:20:30NCR To Rent New, $2-A-Day DVDs From Blockbuster Kiosks -Bloomberg
04/07/201014:52:19NCR Could Expand DVD Footprint As Blockbuster Downsizes
03/22/201023:46:41Blockbuster: Warner Bros Pact Retains New-Release Advantage
03/17/201016:59:08MARKET SNAPSHOT: Dow Win Streak Longest Since August 2009
03/17/201016:52:00TECH STOCKS: Tech Stocks Follow LSI To Close With Gains
03/17/201015:15:08MARKET SNAPSHOT: Dow Win Streak Longest In Nearly Three Months
03/17/201010:45:43TECH STOCKS: LSI's Gains Give A Lift To Chips, Tech Stocks
03/14/201020:29:31NCR Rolling Out More Blockbuster Express DVD Kiosks
03/03/201014:00:08Best Buy Nears Launch Of Revamped On-Demand Video Service
01/29/201018:39:11Icahn Resigning From Blockbuster Board, Cites ISS Guidelines
11/24/200915:46:07Comcast Sees More Videos On-Demand In NBC Universal

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