Tech shares push stocks higher
Microsoft shares were higher Thursday after shareholder David Einhorn called for CEO Steve Ballmer (pictured) to step down.
May 26th, 2011
11:49 PM ET

Tech shares push stocks higher

Some highlights from the day's business news:

Stocks edged higher Thursday as momentum in the technology sector offset disappointing reports on economic growth and the labor market.

The Dow Jones industrial average rose 8 points, or 0.1%, to end at 12,403; the S&P 500 added 5 points, or 0.4%, to 1,326; and the tech-heavy Nasdaq Composite gained 22 points, or 0.8%, to close at 2,783. The Dow had been down more than 70 points earlier in the session.

Technology shares helped offset broader market losses, with technology blue chip Microsoft rising 2% and Hewlett-Packard gaining 1.5%. Microsoft shares were higher after large shareholder David Einhorn called for CEO Steve Ballmer to step down.

"All these tech giants like Microsoft, Dell, HP have gotten so big, they're very hard to manuveur," said Daniel Morgan, portfolio manager with Synovus Trust Co., who also owns Microsoft shares.

Among other tech names, NetApp shares jumped 7% after the data storage company reported strong quarterly results late Wednesday and issued an upbeat outlook for the current quarter.

Facebook blasts Ceglia lawsuit as 'outrageous fraud'

Paul Ceglia's claim that an eight-year-old contract signed by Facebook founder Mark Zuckerberg entitles him to 50% ownership of the company "is a brazen and outrageous fraud," Facebook said Thursday in a court filing responding to Ceglia's lawsuit.

Calling him "an inveterate scam artist whose misconduct extends across decades and borders," Facebook blasted Ceglia's lawsuit as "his latest and most far-reaching fraud," one based on "a doctored contract and fabricated evidence."

Zuckerberg did have actual business dealings with Ceglia, a Wellsville, N.Y., resident who ran a series of local businesses.

In early 2003, Zuckerberg - then a Harvard student who frequently accepted work-for-hire programming jobs he found through Craigslist - signed a written agreement to do work for Ceglia on a now-defunct website called StreetFax.com.

That contact became fodder for a "'cut-and-paste' job fraudulently manufactured" by Ceglia for his lawsuit, Facebook said in its filing.

– CNNMoney's Ken Sweet and Stacy Cowley contributed to this report.

Post by:
Filed under: Business • Economy
soundoff (9 Responses)
  1. Ellis

    Higher higher deeper deeper oh YES!

    May 27, 2011 at 12:12 am | Report abuse |
  2. Cesar

    I like to get down with Joey and his gay buddies at the gay bar.

    May 27, 2011 at 12:34 am | Report abuse |
  3. Cnn Desk

    The Anthonys wasted millions of taxpayer dollars by lying to LE and collected thousands of dollars in donations, trips for media appearances where they were wined, dined and catered to at hotels the white trash never would have stayed in before. I actually wondered if they all plotted this in order to get all the money they could to bail themselves out of the financial problems they were having.

    LE could have been working on many other crimes and the Anthonys should be prosecuted to the fullest extent and made to REPAY every cent they collected under false pretenses. Why are they still living in that house? Only because someone bailed them out when they were about to be foreclosed. Who is paying all their legal bills?

    Nancy Grace is sickening the way she favors them and talks about all the toys, etc. that Caylee had. That means nothing and Nancy should stfu about her twins.

    Greta Von Susteran did an excellent interview with the Anthonys in their home and it was obvious that Cindy was prompting George what to say about the gas cans being found in Casey’s trunk. He almost slipped and said Caylee was in the trunk which would explain why Casey didn’t want him to get the tool he needed (if anything at all about that story is even true). Everything each of the Anthonys has said to date is a possible lie and I don’t think they would suddenly start telling the truth simply because they are under oath. They have no respect for the law or the truth.

    May 27, 2011 at 3:28 am | Report abuse |
  4. Cnn Desk

    The Anthonys wasted millions of taxpayer dollars by lying to LE and collected thousands of dollars in donations, trips for media appearances where they were wined, dined and catered to at hotels the white trash never would have stayed in before. I actually wondered if they all plotted this in order to get all the money they could to bail themselves out of the financial problems they were having.

    LE could have been working on many other crimes and the Anthonys should be prosecuted to the fullest extent and made to REPAY every cent they collected under false pretenses. Why are they still living in that house? Only because someone bailed them out when they were about to be foreclosed. Who is paying all their legal bills?

    Nancy Grace is sickening the way she favors them and talks about all the toys, etc. that Caylee had. That means nothing and Nancy should stfu about her twins.

    Greta Von Susteran did an excellent interview with the Anthonys in their home and it was obvious that Cindy was prompting George what to say about the gas cans being found in Casey’s trunk. He almost slipped and said Caylee was in the trunk which would explain why Casey didn’t want him to get the tool he needed (if anything at all about that story is even true). Everything each of the Anthonys has said to date is a possible lie and I don’t think they would suddenly start telling the truth simply because they are under oath. They have no respect for the law or the truth..

    May 27, 2011 at 3:29 am | Report abuse |
  5. funkybunch

    Ok terrific!

    May 27, 2011 at 6:30 am | Report abuse |
  6. CNN trashcan

    Big enough for a desk

    May 27, 2011 at 6:31 am | Report abuse |
  7. Ellis

    Aflac!

    May 27, 2011 at 7:22 am | Report abuse |
  8. (required)

    Cut and paste is definitely not our friend here.

    Especially from one who poses as somebody working for CNN, and who is too dim to even capitalize the acronym.

    May 27, 2011 at 9:18 am | Report abuse |
  9. Ellis

    Oh ( required), deeper. To the left, no to the right. Oh yes! I love it. I love it! Deeper oh!!!!!

    May 28, 2011 at 12:17 am | Report abuse |