Blue Blue’s big gains by Todd Woody @FortuneMagazine April 16, 2008, 9:17 PM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons 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.