The tech sector closed on a bullish note, up 0.79%. It was the best performing sector, apart from services which grew by 0.81% This marks a good end to a very good week for the tech sector. The weekly gain of 3.85% for the week is a great sign to investors after the sector has been largely bearish since the start of May. This bullish week marks a potential turnaround for technology stocks and perhaps the larger economy as well.
This week has been the best week for the markets in 2012. The Dow finished up 0.75%, ending the week up almost 3.6 percent. The S&P 500 index was up 0.81 percent, up 3.73% for the week. The Nasdaq rose 0.97%, up 4.04% for the week. The markets were driven up by a combination of factors, most prominently, the rate cut in China and increasing hope in the Europe crisis.
Out of the last five sessions, the tech sector has been bearish just once. This bodes well for potential investment in the tech sector as it seeks to recover from the lows recorded in May. Nokia (NOK) is particularly interesting. It is now up 14.39% for the week. On Monday, I said that Nokia was a great deal at its valuation of $2.69 per share. It is still great value at $3.02. It has a price/sales of 0.22 now and a price/book of 0.71. NXP Semiconductors (NXPI), another stock I said would be a hit this week, is up 4.48% and should continue to gain as NFC technology becomes more important.
- China TransInfo Technology Corp. (CTFO) up 18.36%
- Exide Technologies (XIDE) up 15.10%
- SMART Technologies (SMT) up 13.39%
- Aviat Networks (AVNW) up 10.74%
- Monolithic Power Systems (MPWR) up 10.31%
- Progress Software Corporation (PRGS) down 11.19%
- Ellie Mae (ELLI) down 6.67%
- Calix (CALX) down 6.01%
- AU Optronics (AUO) down 5.88%
- Suntech Power Holdings Co. (STP) down 5.81%
- Samsung (SSNLF.PK) has filed a lawsuit against Australian's patent commissioner over a continuing argument with Apple (AAPL) over intellectual property rights. Samsung is arguing that four patents rewarded to Apple were in violation of previous patents. Samsung wants these four patents revoked because they are currently being used by Apple as a pretext to block the Samsung Galaxy 10.1 tablet. Samsung also announced today that Kwon oh Hyun will take over as the new CEO. (here) (here)
- Facebook (FB) has launched an app centre which it claims will facilitate its members access to software on the site, while helping 'you control your privacy by showing the information an app needs and letting you choose who can see your activity on Facebook.' This has been largely welcomed by analysts as it is meant to present a more attractive system for developers to succeed than Apple's system. Also, more importantly, it will help Facebook to monetize its consumer base, something it has struggled to do since the company was founded. (here)