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Hot Stocks: IBM surges
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January 17, 2001: 4:23 p.m. ET
Investors digest computer maker's results after a tech boost from Juniper
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NEW YORK (CNNfn) - Shares of IBM plowed higher Wednesday as investors digested the company's corporate results, which came in after the market closed and beat expectations by 2 cents a share.
Technology firms got a boost after strong earnings from Juniper Networks and Applied Micro Circuits.
But disappointing quarterly results from 3M and VA Linux pressured shares for these companies. And Macromedia tumbled after Robertson Stephens cut its rating, despite quarterly results beating expectations.
Wednesday's winners
IBM (IBM: Research, Estimates) up $3.94 to $96.69. The computer maker posted quarterly results after the closing bell that topped forecasts by 2 cents a share. Analysts had expected the computer maker to increase fourth-quarter earnings to $1.46 a share from $1.12 a share a year earlier.
Juniper Networks (JNPR: Research, Estimates) up $8.38 to $136.38. The networking equipment maker reported fourth-quarter earnings that beat Wall Street estimates.
Applied Micro Circuits (AMCC: Research, Estimates) up $10 to $80.38. The communications chip maker reported fiscal third-quarter earnings that beat Wall Street estimates.
The good news gave others in the communications chip making sector a boost. Ciena (CIEN: Research, Estimates) rose $7 to $97.06 and PMC Sierra (PMCS: Research, Estimates) rose $11.19 to $91.13.
Novellus (NVLS: Research, Estimates) up $5.63 to $44.38. The chip making equipment company late Tuesday reported fourth-quarter results that beat analysts' expectations.
The strong earnings gave other tech firms a boost. JDS Uniphase (JDSU: Research, Estimates) up $5.63 to $53.75, Applied Materials (AMAT: Research, Estimates) up $3.75 to $48.19, and Nortel Networks (NT: Research, Estimates) up $2.56 to $34.50.
Vyyo (VYYO: Research, Estimates) up $4.03 to $13.38. The company, which makes products for wireless communications, reported a fourth-quarter loss late Tuesday that was narrower than Wall Street estimates.
Epimmune (EPMN: Research, Estimates) up $2.56 to $5.06. The company -- a leader in using gene maps of cancer-associated proteins and infectious agents to design vaccines -- reported a new vaccine approach to overcome many chronic infections, based on increasing immune tolerance in an animal study using chronic Hepatitis B.
Wednesday's losers
3M (MMM: Research, Estimates) down $3.50 to $110. The diversified manufacturing company late Tuesday said fourth-quarter earnings would miss expectations because of a slowing economy and a strong U.S. dollar.
VA Linux (LNUX: Research, Estimates) down $2 to $7.13. The developer of software and products for the Linux computer operating system late Tuesday lowered revenue and earnings expectations for its fiscal second quarter, citing overall economic weakness.
Macromedia (MACR: Research, Estimates) down $13.69 to $30.31. The Web design software maker late Tuesday announced better-than-expected third-quarter financial results, but said it had struck a $360 million deal to buy Internet application server and software provider Allaire (ALLR: Research, Estimates). Robertson Stephens downgraded Macromedia to "long-term attractive" from "buy," citing a decreased growth outlook over the year.
NetIQ (NTIQ: Research, Estimates) down $13.75 to $61.25. The networking software maker said it would buy analytical software maker WebTrends (WEBT: Research, Estimates) for about $1 billion in stock.
--compiled by Catherine Tymkiw from staff and wire reports 
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