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Old 01-09-2004, 10:07 AM
jjgold jjgold is offline
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Join Date: Jan 2002
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Default Tech Report Friday

Summing up Thursday's action can be done by simply referring one to the archive to read the commentaries that appeared on this page earlier this week since it was indeed a case of deja vu.

The Technology Sector set the pace for the broader market, the Nasdaq was engaged in an uptrend for virtually the entire session that culminated in another 52-wk high, the semiconductor and telecom equipment stocks maintained their leadership post, volume again topped 2.0 bln shares (a whopping 2.67 bln at the Nasdaq), and buying efforts continued to be fueled by analyst comments and encouraging earnings news.

With respect to the latter, Nokia (NOK 20.47, +13.91%) provided the spark that lit the tech fire on Thursday when it announced that it had exceeded its sales and profit guidance for Q4 due to stronger than expected year-end operator investments, higher than expected mobile phone sales, and favorable product mix. It didn't hurt matters either that Andrew Corp. (ANDW 17.50, +32.58%), a telecom equipment provider, also raised its earnings outlook for fiscal Q1 (Dec), citing a continuation of the encouraging overall industry trends.

The research call of the day, arguably, was Banc of America's upgrade of Sun Microsystems (SUNW 5.51, 10.42%) to Buy from Neutral that served as the catalyst for a 10.0% gain in SUNW. The firm's upbeat view was tied to SUNW's partnership with AMD and a more bullish outlook on enterprise spending.

As noted yesterday, it is evident that the market continues to have a bullish outlook for technology. Remains to be seen if the early-year surge is just a seasonal phenomenon, but for now, there's no denying that the bulls can claim, more so than others, that the trend is their
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