
Wall Street techs - Netegrity, Apple lead mixed tech trading
SAN FRANCISCO (AFX) - Security-software maker Netegrity Inc. and Apple Computer paced gains among tech stocks Wednesday as the sector tried to maintain some positive momentum ahead of the next earnings season.
Netegrity soared $2.75, or more than 35 percent, to $10.50 after Computer Associates said it would buy the Waltham, Mass.-based company for $430 million in order to boost its position in the identification-security market.
Computer Associates shares fell 12 cents to $27.27.
Apple reached another 52-week high of $39.98 as investors bought the stock ahead of its quarterly report next week. First Albany analyst Joel Wagonfeld raised his price target on Apple's stock to $44 a share from $35, saying that the company is gaining more momentum from iPod and new iMac sales.
Even with the gains from Apple and Netegrity, the Nasdaq Composite Index fell 3.5 points to 1,951. Broader market concerns about corporate earnings and the price of oil affected the day's trading.
Among other tech stocks, gains came from Dell Inc. , Microsoft Corp. , EMC Corp. and Cisco Systems .
Decliners included Sun Microsystems , Intel Corp. , Oracle Corp. , Hewlett-Packard and IBM Corp. .
This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.
SAN FRANCISCO (AFX) - Security-software maker Netegrity Inc. and Apple Computer paced gains among tech stocks Wednesday as the sector tried to maintain some positive momentum ahead of the next earnings season.
Netegrity soared $2.75, or more than 35 percent, to $10.50 after Computer Associates said it would buy the Waltham, Mass.-based company for $430 million in order to boost its position in the identification-security market.
Computer Associates shares fell 12 cents to $27.27.
Apple reached another 52-week high of $39.98 as investors bought the stock ahead of its quarterly report next week. First Albany analyst Joel Wagonfeld raised his price target on Apple's stock to $44 a share from $35, saying that the company is gaining more momentum from iPod and new iMac sales.
Even with the gains from Apple and Netegrity, the Nasdaq Composite Index fell 3.5 points to 1,951. Broader market concerns about corporate earnings and the price of oil affected the day's trading.
Among other tech stocks, gains came from Dell Inc. , Microsoft Corp. , EMC Corp. and Cisco Systems .
Decliners included Sun Microsystems , Intel Corp. , Oracle Corp. , Hewlett-Packard and IBM Corp. .
This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.