H-P leads holiday lift for techs; RIM surges

BlackBerry maker draws another bullish projection ahead of launch

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  Nov. 23, 2012, 10:40 a.m. EST 

http://www.marketwatch.com/story/h-p-leads-holiday-lift-for-techs-rim-surges-2012-11-23?siteid=bigcharts&dist=bigcharts 

RIMM

Research in Motion Ltd. (NASDAQ)

1 Year

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10 Day

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By Dan Gallagher, MarketWatch

SAN FRANCISCO (MarketWatch) — Tech stocks got a strong early boost on Black Friday’s shortened trading session, with battered PC stocks Hewlett-Packard Co., Dell Inc. and Advanced Micro Devices leading a strong uptick across the rest of the sector.

Reuters

Research in Motion CEO Thorsten Heins shows a prototype BlackBerry 10 smartphone earlier this year.

The Nasdaq Composite COMP +1.08%  rose 0.7% to 2,947, while the Morgan Stanley High-Tech Index MSH +1.40%  picked up 1% and the Philadelphia Semiconductor Index SOX +2.03%  rose 1.4%.

Most notably, Research In Motion Ltd. RIMM +14.72%   CA:RIM -3.42%  saw its U.S.-listed shares jump 12% to $11.49 after an analyst for National Bank in Toronto raised his price target to $15 from $12, reflecting an increased shipment target for the new BlackBerry 10 smartphone handsets expected to launch in February.

“The shipment boost reflects about one more month of BB10 product availability plus a little extra for the positive sentiment building in the industry from our discussions,” analyst Kris Thompson wrote.

RIM got a strong bounce earlier in the week, after Peter Misek of Jefferies & Co. upgraded the stock to a hold rating, citing research that shows wireless carriers “have a much more positive view of BB10 than we expected.” The stock is up about 25% so far for this week — but remains down about 30% from this same time last year.

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Markets take in Black Friday

It's Black Friday, and retailer stocks have outperformed the broader market.

H-P HPQ +3.77%  picked up 2.5% to trade at $12.23. The stock remains about 8% below its level from earlier in the week — before it reported disappointing results for its fiscal fourth quarter and made a surprising allegation of accounting fraud at its recently acquired Autonomy software business.

Dell DELL +4.80%  was up about 3.4% while AMD AMD +4.28%  rose by 3.5%. All three firms have been heavily battered by the sharp slowdown in PC sales this year.

Other strong gainers on Friday included Microsoft Corp. MSFT +2.58%  , Micron Technology Inc. MU +3.24%  and Juniper Networks Inc. JNPR +2.40% .

Amazon.com Inc. AMZN +0.26%  was down about 0.5% in early trades as Black Friday kicked off. Facebook Inc. FB -0.82%  and LinkedIn Corp. LNKD -0.07%  were also down.

Dan Gallagher is MarketWatch's technology editor, based in San Francisco. Follow him on Twitter @MWDanGallagher.