The Nasdaq Composite Index, which is composed of technology related stocks, dipped 0.31% falling to 2169.18 points. Despite strong gains from some technology companies, the index was weighed down by losses from Dell Inc. (NASDAQ: DELL), Oracle Corp. (NASDAQ: ORCL), EMC Corp. (NYSE: EMC) , Brocade Communications Systems, and IBM (NYSE: IBM) .
Dell Inc. fell 3.18% to $14.32 a share. Oracle Corp. shares also dropped as it fell to $22.14 to lose 2.04% from previous day’s market close. EMC Corp., the majority holder of WMWare Inc. (NYSE: VMW) , fell 1.17% to $16.94. IBM also dropped slightly, falling 0.21% to $127.93 a share. One of the largest losses came from Brocade Communications Systems Inc. (NASDAQ: BRCD) with losses of 8.95%. Brocade communications dropped after rumors that they were looking for buyers. Top executives from Brocade did confirm that they were looking to grow through Partnerships.
The fall from these stocks were countered to a small degree by the strong showing from Texas Instruments Inc. (NYSE: TI) which rose 0.56% to $25.28 a share. Texas Instruments is showing major signs of improvement after seeing demand begins to broaden out as their strategy to focus on analog/embedded devices paid off.
One of the largest gainers for the day was Analog Devices (NYSE: ADI) with gains of 6.44% to reach $29.74 a share. Analog Devices Inc. made use of better than expected earning to surge through the market today. Google Inc. (NASDAQ: GOOG) gained 0.13% to $583.09. Google Inc. recently acquired start up company, Teracent, to inject new life to their display ad business.
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Salesforce.com (CRM) entered into a number of strategic alliances that are expected to enhance the cloud computing service and solutions offered by it.
The first among these strategic alliances is with enterprise IT management company CA Inc. (CA). This partnership is expected to deliver agile development management in the cloud on the Force.com platform.
The CA Agile Planner on the Force.com site is targeted at small businesses and enterprises alike. The service is intended to accelerate development timelines while gaining control and visibility over all of the development initiatives. This innovative product will result in reduced time to market.
The second in the list is the agreement with BMC Software (BMC). This strategic alliance is expected to deliver BMC’s industry-leading IT management solutions on the Force.com platform. The joint offering is expected to address the overwhelming customer demand for critical service desk function and processes that are delivered through the cloud computing platform.
This new product is intended to help customers simplify and automate their IT process and at the same time fetch a quick return on their investment. These new collaborations are expected to help the company strengthen its position in the cloud computing market and attract additional customers by providing enhanced solutions.
Salesforce reported better than expected third quarter results, exceeding the Zacks Consensus EPS estimate. The company reported revenue of $330.5 million, an increase of 20.0% from the year-ago quarter and and over the guided range of $323-324 million. These encouraging numbers are illustrative of the fact that the company is constantly creating value for itself and its shareholders. We expect Saleforce to continue with the same trend going forward.
How much more upside potential is there after a 67% monster rally for the technology sector? After all, there are resistance levels the market tends to respect. With slashed semiconductor demand, weak earnings reports from Dell, and an uncertain holiday shopping season ahead, is the tech sector overvalued?[More...]
