NASDAQ Up Big on Tech Earnings

Markets were up today in the wake of further Q1 earnings reports. The tech sector lead the way, which drove the NASDAQ up 36.03 points to close at 5,092.09. The Dow gained 21.45 points, and closed out the trading day at 18,080.14. The S&P 500 posted a gain of 4.74 points to close at 2,117.69. In overseas trading, Asia was mixed as markets in Europe made small gains. Japan's Nikkei fell -166.22 points while Hong Kong's Hang Seng rose another 249.15.

Tech Earnings Blow Other Sectors Out Of The Water Today.  Tech earnings were sky-high today, and the sector lead the market in gains.
Amazon (AMZN) Apple (AAPL) and Microsoft (MSFT) were the big winners, but tech companies across the board were up on positive revenue reports. Juniper Networks (JNPR), which manufactures routing and switching equipment, posted 9% gains today. The company was up 2.14 points to close at $26.14. SunGame Corp (SGMZ) a micro-cap which makes mobile games, posted 40% gains on their tech earnings report. SunGame was up 0.79 points to close the day's trading at $2.74 per share. Software services company Gigamon (GIMO) gained 6.16 points in trading today, and closed at $29.75 per share.

Amazon Leads Tech Earnings With 14% Gains.  Online retail giant Amazon (AMZN) posted the biggest gains in the sector today, on the back of their outstanding Q1 earnings. They ended the day with 14% growth in share price, gaining 55.11 points to close at $445.10. This latest earnings report came as a surprise only because of how far it exceeded expectations -- Amazon was expected to do well, but analysts were stunned by just how well they did last quarter.

Xerox Down Xerox Down Xerox Down Xerox Down.  Commercial and home copying machine manufacturer Xerox (XRX) took a tumble today. After taking a dip in revenues and lowering earnings forecasts going forward, shareholders bailed on the company. Xerox lost 8.75% of their share value when the disappointing tech earnings were made public. The company dropped -1.15 points to close at $11.99 per share.

Microsoft Beats Q1 Expectations Thanks To XBox, Surface. Tech giant Microsoft (MSFT) showed the world how popular their line of Surface tablets has become when it posted its Q1 earnings today. The device division lead the company in growth and revenue, despite flagging XBox One sales. Only Amazon (AMZN) outstripped Microsoft's growth in the sector, as the Redmond, WA-based company posted 10.45% growth. In trading today, shares of Microsoft rose by 4.53 points to close at $47.87.

Shareholders Getting Out Of Hanes.  National garment manufacturer Hanes (HBI) has been dropping all day, after posting lackluster earnings. Hanes dropped 6.82% in the wake of both a revenue and growth miss. In trading today, HanesBrands lost -2.36 points and closed the day's trading at $32.22 per share.
Published on Apr 24, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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