Blowout quarterly earnings lifted Apple (NasdaqGS: AAPL) shares Wednesday but weren’t enough to put tech-sector exchange traded funds in the green.
Next up after Apple and IBM (NYSE: IBM) earnings are Intel (NasdaqGS: INTC) and Microsoft (NasdaqGS: MSFT). Intel is expected to report quarterly results on Wednesday, followed by Microsoft on Thursday.
Tech ETFs such as PowerShares QQQ (NasdaqGM: QQQ) and Technology Select Sector SPDR Fund (NYSEArca: XLK) have moved higher this week on solid earnings from the sector.
Investors are looking at Intel for an update on the PC industry, which has been struggling as mobile devices take market share. Analysts forecast Intel will report a slight drop in second quarter earnings at 51 cents a share. Jake Lynch for TheStreet reports that analysts expect Intel sales to rise 19% to $13 billion. [Tech ETFs Look for Boost from Apple]
“Intel is transforming from a leading server-technology company to a comprehensive data-center provider that offers computing, storage and networking building blocks,” said Kirk Skaugen, Intel vice president and general manager of its data-center group. [Nasdaq ETF Looks for Support at 50-Day; Tech Earnings Parade Starts.]