Wall Street Beat: US Fed efforts, iPhone excitement fuel tech stock rally

14.09.2012

"We think we're going to make more money on mobile than on the desktop," he said.

Technical glitches marred Facebook's May 18 initial public offering, which opened at $42 but steadily declined to half that level over the next few months as doubts arose about the company's ability to generate ad revenue, especially on mobile devices. In the days since Zuckerberg's remarks at the TechCrunch event, however, the stock has started to climb again.

Looking at the overall tech market, to increase 6 percent this year in constant currency, just under last year's 7 percent jump, in spite of continuing macroeconomic headwinds.

"In spite of economic uncertainty, which continues to inhibit enterprise investment in some tech segments, the continuing demand for tablets, smartphones, storage capacity, and network performance improvements actually outperformed expectations in the first half of the year," said Stephen Minton, an IDC vice president, in a statement accompanying the report.

In its own global IT spending outlook, Forrester also predicted growth for the year, though not as much as as it had expected.