Micros, Lam Research Increase; Costco Slides on Earnings Miss
Stocks edged up, as Micros Systems soared and semiconductor shares such as Lam Research were strong as a group. But Costco Wholesale dropped on an earnings miss, and ADC Telecommunications slid on a sales shortfall.</br></br>The Dow Jones Industrial Average rose 12.97 points to 11382.91, reaching a three-month high. The Nasdaq Composite Index advanced 13.43 to 2185.73, a two-month high after a run of five straight gains. The Standard & Poor's 500-stock index shed 0.01 to 1304.27, dropping from the three-month high set Tuesday.</br></br>"We had a consoling [gross domestic product] report that was revised upward, which was expected," said Alan Gayle, senior investment strategist at Trusco Capital Management. "That and further declines in bond yields helped the market hang on to its gains."</br></br>Micros Systems (Nasdaq) leapt $7.95, or 21%, to $46.41. The maker of hospitality-industry software offered strong fiscal 2007 guidance on strength in both hotel and international markets, and it posted better-than-expected fourth-quarter results, allaying concerns that a slowdown in the U.S. restaurant business might hurt its operations.</br></br>Investors remained interested in technology and made semiconductor stocks a focus. Lam Research (Nasdaq) rose 2.95, or 7.3%, to 43.12; National Semiconductor gained 1.10, or 4.6%, to 24.80; and FormFactor (Nasdaq) advanced 3.12, or 6.7%, to 49.45.