A 12% rally in Polycom (NasdaqGS: PLCM) on Monday helped lift a networking exchange traded fund (ETF) after the company announced solid quarterly results.
Polycom after Thursday’s closing bell reported quarterly earnings that beat Wall Street estimates, and forecast a solid second quarter.
BMO Capital Markets upgraded Polycom to outperform from market perform on Monday. “Polycom reported another standout quarter and was the only network company we cover to meaningfully beat and raise in the first quarter,” the analysts wrote in a note.
The provider of video and voice conferencing solutions is a top holding at nearly 5% of iShares S&P North America Technology-Multimedia Networking Index Fund (NYSEArca: IGN). The ETF was up 5.6% year to date through April 21, according to Morningstar.
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