Consumer electronics paced ahead today. Leading the charge is Sprint Nextel (S:NYSE), which has gained more than 7% in trading today.
According to MarketWatch’s Jeffry Bartash, “Sprint was the top advancer in the telecommunications sector for the second day. Shares climbed 25 cents to $3.65. On Monday afternoon, Chief Financial Officer Bob Brust hinted to investors at a conference that quarterly revenue could grow in 2010 for the first time in four years.”
But Sprint isn’t the only consumer tech company on the rise.
AT&T (T:NYSE) and Verizon (VZ:NYSE), along with Leap Wireless International (LEAP:NASDAQ) joined Sprint on the jump higher.
These moves come ahead of two big tech announcements.
From Reuters:
Cisco Systems Inc, introduced a router that it says can handle Internet traffic 12 times faster than rival products, the first upgrade in several years of its product line that directs data traffic over the Internet. The world's top network equipment maker boasted the new router, called the CRS-3, could deliver every movie ever made in four minutes over the Internet. The router is scheduled to be sold commercially in the third quarter starting at $90,000, said Cisco.
Obviously, this product isn’t marketed toward consumers; rather, it’s aimed at telecommunications operators. The very ones that are climbing today.
CISCO claims this innovation will change the Internet forever. The press release said, “It will forever change the Internet and its impact on consumers, businesses and governments.”
Karl Denninger wrote in his article, “The CISCO Hype Machine,” that “while this is obviously a step forward in performance-per-unit-of-density these claims are, in my opinion, dramatically overblown.”
Another technological “breakthrough” is yet to be released, though. Consumers will have to wait until April 3 for the new Apple iPad.
Apple’s CEO Steve Jobs calls the Apple iPad “a magical and revolutionary product.”
It’s priced at $499, and the release date was pushed back from late March because of rumored production problems.
That said, the buzz is certainly hot around the iPad, as it is with all Apple products before their release.
Laura DiDio, a principal analyst at ITIC, told CNNMoney's Blake Ellis, “This [is] a game these vendors play. They never announce a specific ship date, and it's all about posturing and positioning. But Apple really wants to get this out for spring and summer.”
The jump in consumer electronic stocks – particularly with mobile technologies – could signal a rising demand for their products… But we’ll have to wait and see how the Apple iPad does on April 3.
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