Blue Blue’s big gains

Apr 16, 2008

By Scott Moritz

IBM (IBM) sounded a rally cry for tech as the big IT shop blew past its first quarter targets.

Big Blue roundly beat the Street's adjusted profit expectations by 20 cents with a $1.65 bottom line for the first quarter. Sales of $24.5 billion also soared passed analysts' estimates, which called for revenue of $23.7 billion in the quarter ended last month.

The news follows Intel's reported solid results. The Dow Jones index was up 2% and the tech-laden Nasdaq rose nearly 3% Wednesday.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions