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3 Tech Stocks That Ignored the Fed and Moved Higher

Dan Caplinger
July 10, 2013

Lately, investors have been holding their breath trying to figure out what the Federal Reserve will do with its monetary-policy moves, especially the bond-buying quantitative easing program. Today's release of the June minutes of the Federal Open Market Committee meeting didn't really provide any concrete answers, though, as economic data remain open to different interpretations. In the end, investors won't be able to predict what the Fed will do before it takes action, and the nine-point drop in the Dow Jones Industrials (INDEX: ^DJI) seems to confirm that investors are looking beyond the immediate future and understanding the inevitability that at some point, quantitative easing will end.

But the Dow had some big movers on this quiet day, with three of its technology giants gaining 1% or more. Hewlett-Packard (NYSE: HPQ) led the Dow with a 1.8% gain after getting a favorable analyst upgrade. Yet this afternoon, Gartner reported a nearly 11% decline in worldwide PC shipments during the second quarter, further highlighting the steady erosion of what has been a traditional area of strength for HP. Lenovo recaptured the top spot in PC shipments from HP, but HP remains relatively strong in the U.S., Latin Ame