Investors expected good results from Ericsson , but apparently their expectations weren’t high enough.
Shares of the wireless giant jumped 13% Friday on an unexpected profit, stronger-than-expected revenues, and bullish guidance. Revenues of $4.98 billion crushed $4.49 billion forecasts, and a 1-cent profit exceeded expectations for an 8-cent loss.
More evidence of a recovering wireless sector wasn’t the only good news for investors Friday. The broader market soared on a jobs report that wasn’t everything economists had hoped for, but traders decided that any jobs growth was good news.
The Nasdaq surged 44 to 2064, the S&P 500 rose 14 to 1142, and the Dow rose 97 to 10,593. Volume declined to 1.46 billion shares on the NYSE, and 1.86 billion on the Nasdaq. Advancers led 26-6 on the NYSE, and 23-8 on the Nasdaq. Upside volume was 87% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 246-5 on the NYSE, and 172-5 on the Nasdaq.
Veeco , California Micro
, Maxim
, Triquint
and Ameritrade
surged on their earnings.
EDS , Brightpoint
, Business Objects
and Commerce One
fell on their results.
Corning jumped 7% after reaffirming guidance.
Looksmart tumbled 12% on a warning.
SCO Group rose 6% after making more Linux claims.
And Jupitermedia , publisher of this Web site, gained another 6%, for a two-day gain of 15% on its earnings report.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
