NEW YORK ( TheStreet) -- Led by IBM (IBM - Get Report), Apple (AAPL - Get Report) and Intel (INTC - Get Report), a series of solid tech earnings reports bolstered stocks this week, driving the Nasdaq up 18 points to 2820 Friday.
IBM set the tone for everyone Tuesday, when it stomped first-quarter expectations and raised full-year earnings guidance.
The tech bellwether brought in revenue of $24.6 billion, up 8% on the same period last year, or 5% adjusted for the effects of currency. Analysts had been looking for sales of $24.02 billion.
Software, a key growth driver for IBM, enjoyed a strong first quarter, with revenue up 10% excluding the company's divested product lifecycle management (PLM) assets.IBM, whose shares have dropped following five of its last six earnings reports, saw its stock end the week up 2.14%.
Also on Tuesday, Intel posted record quarterly revenue and profit; the chipmaker nixed talk of weakness in the PC market on its conference call with analysts. Investors responded positively to the numbers, initially pushing Intel's stock up $1.20, or 6.04%, to $21.06 in extended trading. Intel attributed its strong performance largely to robust enterprise demand, with the company's data center revenue climbing 32% compared to the prior year. The chipmaker's PC Client Group also registered a 17% year-over-year increase in sales. Intel CEO Paul Otellini said that Intel chip-powered smartphones and tablets -- those running Nokia's (NOK) Meego, Microsoft (MSFT) Windows Phone 7 and Google's (GOOG) Android -- should surface sometime within the next 12 months. Intel shares ended the week up 0.23%.
Also on Tuesday, Yahoo! (YHOO - Get Report) posted a drop in first-quarter earnings and sales, as the embattled Internet giant narrowly beat Wall Street's estimates. Yahoo!'s search revenue, excluding traffic and acquisition costs, fell 19% to $357 million. The company's display business, an area where it faces stiff competition from Google and Facebook, grew 10% to $471 million excluding traffic and acquisition costs, in line with analyst expectations. The company's shares closed down 0.12% on Thursday.