Winners & Losers
Friday's Tech Winners & Losers
TSC Staff
08/17/07 - 04:49 PM EDT
Updated from 1:38 p.m. EDT
Tech stocks surged Friday, lifted by the Federal Reserve's decision to cut the rate it charges banks to borrow from it.
The Fed lowered the discount rate to 5.75% from 6.25%, indicating that it is aware of the impact increasingly scarce credit was having on the market. The tech-heavy Nasdaq 100 gained almost 43 points to about 1889, rising along with the wider market. The index was buoyed by solid gains from some of its biggest names.
Research In Motion(RIMM Quote - Cramer on RIMM - Stock Picks) climbed 11.4% to $220.52. Apple(AAPL Quote - Cramer on AAPL - Stock Picks) gained 4.3% to $122.06. Google(GOOG Quote - Cramer on GOOG - Stock Picks) rose $8.52, or 1.7%, to $500.04.
The semiconductor space was also advancing, led by Intel(INTC Quote - Cramer on INTC - Stock Picks). The chip giant gained 2.6% to $23.70, a day after Credit Suisse upgraded the stock to outperform from underperform.
Other chipmakers were also gaining. Opnext(OPXT Quote - Cramer on OPXT - Stock Picks) gained 14.5% to $12.31. FormFactor(FORM Quote - Cramer on FORM - Stock Picks) gained 3.9% to $43.87. Atmel(ATML Quote - Cramer on ATML - Stock Picks) gained 4% to $4.74.
On the flip side, Verticalnet (VERTD Quote - Cramer on VERTD - Stock Picks) plummeted 10.9% two days after effecting an one-for-eight reverse stock split, in an effort to stay listed on the Nasdaq. The stock sank 31 cents to $2.53.
Information technology consultants Cognizant Technology Solutions(CTSH Quote - Cramer on CTSH - Stock Picks) slid earlier in the day but closed up 7 cents at $74.95. Access-card maker Innovative Card Technologies(INVC Quote - Cramer on INVC - Stock Picks) lost 2 cents, or 0.9%, to $2.31.