Stocks climbed, after weekly jobless claims fell to a multi-year low of 364,000 (the lowest level since April 2008) and consumer sentiment rose to 69.9 from 64.1 in December. Tech stocks rallied on gains from Akamai and Micron. Akami surged almost 19% on announce the it would acquire Cotendo, a developer of applications for delivering content over the Web and mobile devices, for $268 million. Micron Technology rose 15.7%, after the co. said that there are signs that demand in the PC market should improve early next year. Netflix addded 4% after Citigroup left its neutral rating, but trimmed his price target to $80 a share from $94, saying the company is still a “wait and see story” in the wake of its scrapped plans to spin off its DVD-rental business as a separate company. In the evening trade Rambus jumped 8% after the co signed a patent licensing deal with Broadcom. Implied volatility inched lower on modest trading volumes.
Friday, December 23, 2011
Surged on strong jobless data
Stocks climbed, after weekly jobless claims fell to a multi-year low of 364,000 (the lowest level since April 2008) and consumer sentiment rose to 69.9 from 64.1 in December. Tech stocks rallied on gains from Akamai and Micron. Akami surged almost 19% on announce the it would acquire Cotendo, a developer of applications for delivering content over the Web and mobile devices, for $268 million. Micron Technology rose 15.7%, after the co. said that there are signs that demand in the PC market should improve early next year. Netflix addded 4% after Citigroup left its neutral rating, but trimmed his price target to $80 a share from $94, saying the company is still a “wait and see story” in the wake of its scrapped plans to spin off its DVD-rental business as a separate company. In the evening trade Rambus jumped 8% after the co signed a patent licensing deal with Broadcom. Implied volatility inched lower on modest trading volumes.
