Tech stocks rose early Thursday after some upbeat earnings reports.
Futures on the tech-heavy Nasdaq were up 0.1% before the market opened. By comparison, S&P 500 futures were little changed, as were Dow Jones Industrial Average futures.
Shares of Cisco Systems, which makes networking equipment, rose 4.3% in premarket. The company beat analyst estimates and guidance for its most recent quarter's earnings. CEO Chuck Robbins said demand for the company's hardware is stabilizing.
Shares of computer maker Dell Technologies rose 2.1%. Stocks had a great day on Wednesday, rising 11% to close at an all-time high, with a market cap of over $100 billion. Morgan Stanley issued a bullish comment on the company, highlighting the potential of leveraging artificial intelligence in its servers and PCs.
Microsoft, currently the world's largest company by market capitalization, is asking hundreds of AI staff in China to relocate amid rising tensions between China and the United States, the Wall Street Journal reported. According to , many of its staff members are Chinese and have been offered transfers to China. USA, Ireland, Australia, New Zealand. Microsoft stock rose 0.2% in the previous session.
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Third Point, the hedge fund run by Daniel Loeb, has been buying into tech companies, according to a filing with the Securities and Exchange Commission. Amazon.com, Meta Platforms, and the chipmaker increased its stake in Marvell Technology. Shares of Amazon and Marvel rose early Thursday, while shares of Facebook owner Meta fell 0.5%.
Email Brian Swint at brian.swint@barrons.com.
