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Cisco, Intel help lead broad tech-sector rise
By Rex Crum, MarketWatch
Last Update: 10:20 AM ET Nov 16, 2009
SAN FRANCISCO (MarketWatch) -- Technology stocks rose in early trading Monday, led by sector leaders such as Cisco Systems Inc., Apple Inc. and Oracle Corp. and upbeat reaction to the latest national retail sales figures.
The tech-heavy Nasdaq Composite Index $COMPQ rose more than 27 points to 2,195, while the Philadelphia Semiconductor Index $SOX climbed almost 2%. The Morgan Stanley High Tech 35 Index MSH rose 1.2%.
Among tech stocks, Cisco CSCO shares rose 24 cents to $26.32. Before the market opened, Cisco said it raised its bid for Norwegian videoconferencing equipment company Tandberg ASA. Cisco's new offer comes to $3.4 billion, up from $3 billion.
Cisco said it raised its bid after only a few Tandberg shareholders agreed to the company's initial offer. Read story about Cisco raising its bid for Tandberg.
Intel INTC shares rose 42 cents to $20.25. The world's largest chipmaker on Monday raised its quarterly cash dividend to 15.75 cents a share, or 63 cents a share for an entire year.
Dell Inc. DELL shares rose 39 cents to $15.79 in advance of the PC giant's quarterly results, due Thursday.
Other gains came from Apple AAPL, Oracle ORCL, IBM Corp. IBM, Hewlett-Packard Co. HPQ, Yahoo Inc. YHOO, Microsoft Corp. MSFT and Google Inc. GOOG.
Investors showed some enthusiasm for the latest retail sales figures, which were helped by a rebound in U.S. auto sales. See full story on retail sales data.
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