By Benjamin Pimentel
The tech sector edged higher led powered by upbeat reports from
Dell Inc., Marvell Technology and Intel Corp.
Dell (DELL) rose 1.8% to close at $15.93 a day after the
computing giant's quarterly results.
The chip sector had also helped fuel the rally as shares of
Marvell Technology (MRVL) traded up 5% to close at $15.36 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 added 4% to close at
$20.25.
The upbeat reports from the two chipmakers also lifted other
semiconductor makers as the Philadelphia Semiconductor Index (SOX)
gained 2.4%, 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).
The tech-heavy benchmark ended the session with a fractional
gain, closing at 2,029. The Nasdaq also ended the week up 0.4%.
The sector also got a major boost from Aruba Networks (ARUN)
shares of which soared 14.1% after the company reported quarterly
results that beat expectations and its stock was upgraded to
outperform from sector perform by RBC Capital Markets.
The Morgan Stanley High Tech 35 Index (MSH) was also up
0.6%.