By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks looked to close the
week on an upbeat note Friday, with Pandora Media Inc. and Applied
Materials Inc. among those on the rise following the previous day's
big declines across the sector.
Pandora (P) shares rose as much as 7% to $21.36 as industry
analysts began weighing in on the Internet radio company ahead of
its quarterly results, scheduled for after the close of trading on
Thursday. In a research note, J.P. Morgan analyst Doug Anmuth said
he expects Pandora to report strong fiscal second-quarter results,
and the company "should benefit from continuing momentum in mobile
audio advertising."
Applied Materials (AMAT) was up by more than 3%, at $15.83 a
share. Late Thursday, the semiconductor-equipment maker reported a
23% drop in its fiscal third-quarter earnings, and named company
president Gary Dickerson at its new chief executive. Dickerson
takes over from Michael Splinter, who was appointed executive
chairman on Applied Materials board of directors.
Thomas Diffely, an analyst with D.A. Davidson, raised his rating
on Applied Material to buy from neutral, saying that new CEO
Dickerson has "a strong track record [and] should reinvigorate
investor interest."
Dell Inc. (DELL) edged up 2 cents a share to $13.72 after the PC
company on Thursday reported a 72% drop in quarterly earnings, but
its results still exceeded the forecasts of analysts surveyed by
FactSet.
Gains also came from the likes of Hewlett-Packard Co. (HPQ),
Apple Inc. (AAPL), Amazon.com Inc. (AMZN) and Facebook Inc.
(FB).
The Nasdaq Composite Index (RIXF) rose 11 points to 3,617, a day
after the tech-heavy market gauge fell more than 60 points in the
wake of a disappointing earnings report and outlook from Cisco
Systems Inc. (CSCO).
Cisco's shares were off by 9 cents, at $24.40 on Friday.
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