Wall Street Beat: As earnings season begins, tech looks stable

Confidence in technology, especially software, appears to remain strong

By , IDG News Service |  IT Management

Small-business financial software vendor Intuit earlier in the week reiterated guidance for growth for the company's current fiscal year, which ends next July. At an investor meeting Tuesday, the company said sales for the fiscal year would increase by 10 percent to 12 percent, totaling $4.55 billion to $4.65 billion. The company forecasts operating-income growth of 12 percent to 14 percent, amounting to $1.315 billion to $1.345 billion.

Reports from software makers have helped keep up investor confidence in tech stocks despite continued uncertainty in the economy. For example, a U.S. Department of Labor report Thursday showed that the four-week average for jobless benefits rose for the fifth consecutive week. However, computer stocks on the Nasdaq are 25 percent higher than they were at the beginning of the year, higher than any other major component of the exchange.

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