Today, markets are riding higher on the tech sector. Here are the titans you need to watch:
1) Red Hat (NYSE:RHT): Shares of the open source software maker of Linux products is exploding higher 16% after CEO Jim Whitehurst said the company may reach $1 billion in sales for the next fiscal year. Red Hat also reported sweet earnings with sales up 25% to $244.8 million, and EPS at 26 cents per share. Analysts estimates were only expecting EPS of about 22 cents. Looks like some shorts are covering today.
2) Oracle (NASDAQ:ORCL): The software giant is scheduled to announce earnings after the bell. According to MarketWatch, Wall Street expects Oracle to report “earnings excluding one-time items of 49 cents a share for the period ended in February, and $8.65 billion in revenue.” Those are big gains. Keep your trading finger ready if Oracle disappoints.
3) Amazon (NASDAQ:AMZN): The Walmart (NYSE:WMT) of the internet is popping 3% today on an upgrade to outperform by William Blair analyst Mark Miller. Apparently, Miller doesn’t think Amazon will face obstacles with $105 Oil (NYSE:USO) or states looking to tax the internet retailer.
4) Micron (NASDAQ:MU): Shares of the manufacturer and marketer of semiconductor (NYSE:SMH) devices are up 7% after reporting a huge drop in fiscal Q2 earnings of 80%. The drop came on increased revenue but much lower margins. Wall Street seems to be focusing on the sales.
5) Research in Motion (NASDAQ:RIMM): The maker of Blackberry is scheduled to announce earnings after the bell. According to MarketWatch, Wall Street expects Research in Motion to report “net income at the company to grow 30% from the same period last year, with a 38% jump in revenue. Earnings are expected to come in at $1.75 per share on revenue of $5.64 billion.” Although RIMM was once a Wall Street darling, they have fallen incredibly behind in the smartphone and tablet wars as Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) have sprinted to the head of the pack with iPad, iPhone, and Android.
6) Intel (NASDAQ:INTC): Intel is actually the one tech titan facing some concerning news today. Oracle released a statement saying “Oracle has decided to discontinue all software development on the Intel Itanium microprocessor.” The news is a blow to both Intel (NASDAQ:INTC) and PC maker Hewlett-Packard Co. (NYSE:HPQ). However, we can’t say this type of aggressive business warfare is out of character for Oracle (NASDAQ:ORCL) CEO Larry Ellison. Ironically, Intel is up 0.8%.
Now, before you get giddy over tech make sure you understand whether we’re about to have a Web 2.0 IPO bubble.