By Benjamin Pimentel
Technology stocks jumped early Friday on upbeat news from three
major players, led by Dell Inc. shares of which rose sharply after
posting better-than-expected results.
Dell (DELL) was up more than 6% in early trading a day after the
computing giant's quarterly results.
The chip sector also provided the rally a boost as shares of
Marvell Technology (MRVL) traded up more than 6% after the
semiconductor maker late Thursday issued a sales forecast that
exceeded Wall Street projections.
Intel Corp. (INTC) completed the tech triple play early Friday
when the chip behemoth raised its third-quarter sales outlook
citing stronger-than-expected demand. Intel was up 4.5%.
The upbeat reports from the two chipmakers also lifted other
semiconductor makers as the Philadelphia Semiconductor Index (SOX)
gained more than 3%, as other big microprocessor makers advanced,
including Advanced Micro Devices (AMD), Nvidia Corp. (NVDA) and
Texas Instruments (TXN).
The barrage of positive reports set the stage for a positive
open for the Nasdaq Composite Index (RIXF) as the tech-heavy
benchmark quickly gained about 1% to 2,048. The Nasdaq also was on
track to close the week in the green.
The Morgan Stanley High Tech 35 Index (MSH) was also up 1.6%, as
major tech companies posted gains, including Hewlett-Packard (HPQ),
Oracle Corp. (ORCL) and Apple Inc. (AAPL).