Tech Leads Stock Surge

Ralph Lauren (RL Quote - Cramer on RL - Stock Picks) traded sharply lower after missing fiscal first-quarter earnings targets. The apparel company also cut its full-year guidance for 2008. The stock was losing $10.98, or 11.8%, at $81.80.

Elsewhere, homebuilder Toll Brothers (TOL Quote - Cramer on TOL - Stock Picks) said its fiscal third-quarter revenue fell 21%, and the company said home sales could continue to slide until the credit mess is cleaned up.

Still, Toll Brothers finished higher by $1.38, or 6%, at $24.33, because the revenue decline wasn't as bad as analysts expected. The gain helped lift the Philadelphia Housing Sector Index, which rose 4.3%.

Railroad stocks were boosted by word that Warren Buffet's investment vehicle Berkshire Hathaway (BRK.A Quote - Cramer on BRK.A - Stock Picks) purchased another 1.62 million shares of Burlington Northern Santa Fe (BNI Quote - Cramer on BNI - Stock Picks).

BNSF and rival CSX (CSX Quote - Cramer on CSX - Stock Picks) closed up 1.7% and 2.6%, respectively.

Broadcom (BRCM Quote - Cramer on BRCM - Stock Picks) shares soared 9.8% on news that handset maker Nokia (NOK Quote - Cramer on NOK - Stock Picks) will be using the company's cell-phone chips.

Away from stocks, oil prices fell despite the Energy Department's latest inventory report showed a bigger-than-expected drop in supply. The front-month September crude contract, which has fallen 4% so far this week, shed another 27 cents to $72.15.

The Energy Department said that gasoline stocks unexpectedly fell by 1.7 million barrels last week. Crude stocks, meanwhile, fell by a greater-than-expected 4.1 million barrels, and distillates rose 1 million barrels.

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