Updated from 2:04 p.m. EDT
Tech stocks were following the broader market sharply higher Friday as speeches from Federal Reserve Chairman Ben Bernanke and President Bush helped soothe traders' jitters about the spread of the subprime crisis. But tech shares also received a boost from strong earnings reports in the sector.
Among the big winners was Open Text (OTEX Quote), which soared 23.6% after posting earnings that handily beat Wall Street forecasts. The enterprise-software developer reported second-quarter earnings of 52 cents a share, before certain items, topping analysts' 40-cent estimate. Sales surged 67% to $175.2 million, beating Wall Street's target of $165.6 million. Shares added $4.75 to $24.87.
OmniVision (OVTI Quote) climbed 4.8% after the maker of chip image sensors topped estimates and offered a stronger-than-expected guidance. For its fiscal first quarter, OmniVision recorded earnings of 35 cents a share, before items, with revenue of $173.1 million. Analysts expected earnings of 18 cents a share and revenue of $160.2 million. ...
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