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Tech stocks help lift European shares after Apple beat
July 24, 2013 / 7:12 AM / 4 years ago

Tech stocks help lift European shares after Apple beat

LONDON, July 24 (Reuters) - European shares rose in early deals as investors digested a wealth of corporate earnings and econoimc data, with technology stocks boosted by strong results from U.S. tech giant Apple.

By 0703 GMT, the FTSEurofirst 300 was up 3.43 points, or 0.3 percent, at 1,210.59, and is now up 8.5 percent since hitting June lows.

“This rally appears to be being driven by the sight of companies beating lowered earnings targets, and markets staying exuberant because they’ve navigated a lower bar,” Michael Hewson, senior market analyst at CMC Markets, said.

Technology stocks were given a lift after Apple posted better than expected second-quarter earnings and revenues, although both were down year-on-year.

ARM, which designs chips for use in mobile computers and telephone including Apple’s iPhone, rose 2.3 percent after the UK-based firm beat expectations for its second quarter with a 30 percent rise in adjusted pretax profit.

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