Wall Street Beat: Tech stocks hit multiyear highs, though some retreat

Apple, Google ride high while chip companies get hit by econonic uncertainty

By , IDG News Service |  IT Management

However, some companies seemed impervious to the bad news. Apple closed up by $4.17, at $680.44, while Google closed up by $6.70, at $706.15, it highest close since 2007. Both companies are launching new phones.

In Google's case, its Motorola Mobility unit Wednesday announced three new Droid Razr smartphones with LTE capabilities. Meanwhile, Apple is expected to launch a new iPhone at an event in San Francisco next Wednesday.

In a research note, Canaccord Genuity Technology Analyst Michael Walkley noted that while his monthly channel checks indicated weaker sales trends for the iPhone 4S ahead of the upcoming iPhone 5 launch, his sources also indicated strong consumer interest in and demand for the upcoming iPhone 5. In addition, he considers "Apple being well positioned for very strong F2013 sales and earnings growth driven by new product introductions, including the recent refresh of the MacBook Air and Pro series, an LTE iPhone 5, iPad Mini, and potentially iTV in C2013."

So while the PC segment is suffering, mobile devices from a handful of companies appear to be doing well and fueling sales for vendors who have hit products. Tech watchers will get a potentially more complete picture of the IT market in a few weeks when software giant Oracle kicks off the high-tech earnings season.

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