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Related News:

Asia .Canada

Technology Stocks Gain on Apple Profit

By Stephen Voss - Wed Apr 21 11:28:41 GMT 2010

Enlarge image

Steve Jobs, chief executive officer of Apple Inc

Ryan Anson/Bloomberg

Steve Jobs, chief executive officer of Apple Inc., speaks during a presentation at the

company's headquarters in Cupertino, California, on April 8, 2010.

Steve Jobs, chief executive officer of Apple Inc., speaks during a presentation at the

company's headquarters in Cupertino, California, on April 8, 2010. Photographer: Ryan

Anson/Bloomberg

Play Video

April 20 (Bloomberg) -- Gene Munster, analyst at Piper Jaffray & Co., talks about Apple

Inc.'s second-quarter earnings. Apple reported net income and sales that soared past

analysts estimates as Chief Executive Officer Steve Jobs promised to release "several

more extraordinary products" this year. (Source: Bloomberg)

Emerging market stocks rallied, led by technology companies, after Apple Inc. earnings

beat analyst estimates. Transport stocks gained as European airlines resumed flights after

six days of closures.

The MSCI Emerging Markets Index advanced 0.4 percent at 7:20 a.m. in New York, and

China s CSI 300 Index jumped 2 percent. Futures on the Nasdaq-100 Index rose 0.3 percent

as Apple shares rallied 6.3 percent to a record. The cost of insuring against a Greek

government debt default rose to an all- time high as talks involving the International

Monetary Fund started in Athens.

The resumption of flights at airports including London Heathrow, Europe s busiest, eased

concern the travel disruption caused by a volcanic ash cloud from Iceland will weigh on

economic growth and earnings. About 88 percent of companies on the Standard & Poor s 500

Index that have reported first-quarter results beat analysts estimates, according to data

compiled by Bloomberg.

The earnings that have so far been released have, as a whole, been way ahead of

expectations, said Paul Xiradis, who manages more than $10 billion as chief executive

officer of Ausbil Dexia Ltd. in Sydney. The recovery has really taken hold now and will

continue to roll out.

Indian software maker HCL Technologies Ltd. surged the most in eight months after third-

quarter profit rose 72 percent, while Hynix Semiconductor Inc., the world s second-largest

maker of computer memory, climbed 5.7 percent in Seoul. The South Korean won strengthened

to near a 19-month high against the dollar.

Nasdaq Futures

The gain in Nasdaq-100 futures indicated the gauge may extend yesterday s 0.5 percent

rally while futures on the S&P 500 Index fell 0.2 percent.

Apple said after the close of trading yesterday that earnings almost doubled last quarter

on demand for its iPhone and Macintosh personal computer. Sales in the present three-

month period will be as high as $13.4 billion, topping the $13 billion anticipated by

analysts, the company said. Chief Executive Officer Steve Jobs promised extraordinary

new products that analysts say may include an overhauled Apple TV.

Another 34 S&P 500 companies report earnings today, including Altria Group, Inc., United

Technologies Corp., AT&T Inc., Boeing Co. and Morgan Stanley.

Technology, Airlines

The MSCI World Index of 23 developed nations stocks slipped 0.1 percent as the Stoxx

Europe 600 Index fell 0.5 percent. Benchmark indexes in Greece, Spain and Portugal led

declines among 18 western European countries. Alpha Bank AE slipped 4.6 percent in Athens,

while Banco Santander SA, Spain s biggest bank, fell 2.3 percent in Madrid.

Declines in Europe were limited as technology and transport stocks rallied. Infineon

Technologies AG, Europe s second- biggest maker of semiconductors, surged 3.7 percent in

Frankfurt. Ryanair Holdings Plc, the region s largest budget airline, climbed 1.6 percent

in Dublin. PSA Peugeot Citroen, Europe s second-biggest automaker, rose 1.3 percent in

Paris after forecasting significant operating income in the first half.

Greece s bonds fell, pushing the yield on the 10-year security more than 500 basis points

above benchmark German bunds for the first time as the government began as much as three

weeks of talks with euro-region officials, the IMF and the European Central Bank over the

details of a potential aid package. Credit-default swaps tied to Greece s bonds surged 25

basis points to a record 488.5 basis points, according to CMA DataVision.

Portugal Bonds

Portuguese government bonds fell for a fourth day, pushing the yield over bunds to the

most since March 2009, on concern that the country will fail to narrow its budget deficit.

The premium investors demand to hold Portugal s 10-year debt instead of German bunds

increased 20 basis points to 175 basis points, according to Bloomberg generic prices.

The euro fell for a fifth day against the dollar, declining 0.4 percent to $1.3383.

Oil extended yesterday s gains as European airspace began to reopen, restoring demand for

jet fuel, and after the American Petroleum Institute reported a decline in crude

inventories. Crude oil for June delivery rose 0.2 percent to $84.05 a barrel on the New

York Mercantile Exchange.

The volcano definitely had some short-term impact on European oil markets, said Gerrit

Zambo, an oil trader at Bayerische Landesbank in Munich. There was no demand for jet fuel

in the last few days.

Platinum advanced as much as 1.5 percent to $1,741.65 an ounce, the highest compared with

intraday prices since August 2008. Palladium added as much as 2.4 percent to $565.30 an

ounce, the highest since March 2008. Automakers account for about half of global platinum

and palladium consumption, according to estimates by metals refiner, trader and researcher

Johnson Matthey.

To contact the reporter on this story: Stephen Voss in London at ***@*********.***

Google +1

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