It wasn’t long ago (as recently as a few days ago, in fact) that analysts and the markets were feeling mighty bearish about tech exchange traded funds. This morning, sentiment has seemingly turned on a microchip.
Take a look:
- Oracle (ORCL), a huge business software-maker, reported Thursday evening that its fiscal first-quarter profits jumped 20%.
- Blackberry-maker Research in Motion (RIMM) also posted a surge in quarterly profit and revenue.
- Cisco (CSCO) announced it would begin paying a dividend before July 31, 2011.
- Hewlett-Packard (HPQ) is going on a shopping spree, snapping up 3Par and Acrsight.
The reports indicate that U.S. consumers and businesses may be spending again – at least on technology. The news is certainly welcome and should counteract August’s bearish sentiment toward the sector, reports Neil Shah for The Wall Street Journal.
- Technology Select Sector SPDR (XLK)
- iShares Dow Jones U.S. Technology (IYW)
- Vanguard Information Technology (VGT)
- PowerShares QQQ Trust (QQQQ)
Tisha Guerrero contributed to this article.
Disclosure: None
