(Source: San Jose Mercury News)
By Frank Michael Russell, San Jose Mercury News, Calif.
Oct. 21--Apple, Yahoo and SanDisk shares surged today after earnings
report this week from the three Silicon Valley tech companies, but the Dow and
Nasdaq were lower.
Apple shares hit an all-time high after the Cupertino iPhone, iPod and
Mac computer maker announced far-better-than-expected earnings Monday and
introduced upgraded iMac, MacBook and Mac mini computers Tuesday. Apple traded
as high as $208.71 before closing at $204.92, up $6.16, or 3.1 percent.
Yahoo shares also reached a 52-week high after the Sunnyvale Internet
content company reported earnings for its most recent quarter. Revenue was
down from a year earlier, but thanks to layoffs and other cost cuts, profit
was up. Yahoo finished at $17.66, up 49 cents, or 2.85 percent, after trading
as high as $18.02.
Milpitas flash-memory maker SanDisk climbed after profit and sales in its
most recent quarter exceeded Wall Street forecasts. According to Bloomberg
News, SanDisk also forecast sales for the current quarter that were above
analysts' expectations. SanDisk closed at $23.53, up $2.05, or 9.5 percent.
Among Silicon Valley's largest tech stocks by market value, VMware was
higher, but Google, Cisco Systems, HP, Intel, Oracle, Gilead Sciences, eBay
and Adobe Systems declined.
The blue chip Dow Jones industrial average, which includes Cisco, HP and
Intel, dropped 92.12, or 0.9 percent, to 9,949.36. The tech-heavy Nasdaq
composite index fell 12.74, or 0.6 percent, to 2,150.73.
The Standard & Poor's 500 index was down 9.66, or 0.9 percent, to
1,081.40.
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