Friday's Tech Winners & Losers
Updated from 2:52 p.m. EDT with new stock prices
Tech stocks soared Friday, led by
(GOOG) - Get Report
, which reported blockbuster earnings that blew past Wall Street's expectations.
Shares of Google jumped $89.87, or 20%, to $539.41 after the company
Street estimates for the first quarter and laid to rest fears that an economic slowdown could take a toll on its results. Google's net income for the quarter grew to $1.31 billion, or $4.12 a share, from $1 billion, or $3.18 a share, the year before. Adjusted for certain items, Google earned $4.84 a share, beating analysts' expectations of $4.52 a share. Revenue climbed 42% from a year ago to $5.19 billion.
Apple
(AAPL) - Get Report
gained $6.55, or 4.2%, to $161.04 after an analyst at Caris said the company is likely to
when it reports its results Wednesday. Caris analyst Shebly Seyrafi has an above average rating on the stock and a $170 price target.
SanDisk
(SNDK)
added $1.50, or 5.8%, to $27.40 after the company swung to a
. But it missed earnings estimates as pricing problems continue to hit the flash-memory maker. Sandisk earned $17.9 million, or 8 cents a share, compared to a loss of $575,000 a year earlier. Excluding items, EPS was 21 cents a share, missing analysts' consensus estimate of 26 cents a share. However, revenue rose 8% to $850 million, beating Wall Street's expectation of $810.9 million.
Shares of software company
Amdocs
(DOX) - Get Report
soared 14.6% after the company issued a strong second-quarter
and raised its guidance for the year. Second-quarter revenue grew 10% to $774.3 million, beating Street expectations of $761.7 million. Net income was up 15% to $99.9 million, and EPS, excluding items, was 58 cents, a penny better than analysts' expectations.
The company forecast full-year revenue in the range of $3.09 billion to $3.15 billion, up from its previous guidance for $3 billion and better than analysts' estimates of $3.1 billion. EPS expectations, less items, were narrowed to a range from $2.31 to $2.37 from its previous outlook of $2.29 to $2.39 and beat consensus of $2.35 a share.
Cisco
(CSCO) - Get Report
was up 62 cents, or 2.6%, to $24.51 after an analyst at Lazard Capital initiated coverage of the stock with a buy rating. "Cisco will be one of the primary beneficiaries of the continued adoption of IP infrastructure for the foreseeable future," said the analyst in a note. The company's long-term fundamentals remain strong despite a macroeconomic slowdown, said the analyst.
Shares of
SiRF Technology
( SIRF), which makes GPS-based chipsets, gained 84 cents, or 15.4%, to $6.31 after CEO Michael Canning resigned, effective immediately. SiRF said Diosdado Banatao, a founder, and chairman of SiRF's board of directors, has been appointed executive chairman and has assumed the role of interim president and CEO.
Chipmaker
Texas Instruments
(TXN) - Get Report
rose 81 cents, or 2.8%, to $29.60 after research firm Caris said it expected the company to weather the economic storm better than most.