After a three-day losing streak, tech stocks moved higher Friday on the strength of some big movers like
The chipmaker climbed 12% after it posted better-than-expected fourth-quarter results. The company earned $90.1 million, or 28 cents a share, on revenue of $455.9 million. Analysts polled by Thomson Financial expected earnings of 23 cents a share on revenue of $450.6 million.
Looking ahead, National Semiconductor sees first-quarter sequential revenue of 1% to 4%, implying revenue of $460.5 million to $474.1 million. Analysts project revenue of $460.6 million. Shares were trading up $3.20 to $28.99.
surged for a second straight day. On Thursday, the maker of photonic integrated circuits posted a 52% gain on its first day as a publicly traded company. The company sold 14 million shares at $13 a share, above the company's proposed range of $10 to $12. Shares were recently trading up $3.80, or 19%, to $23.50.
( OPWV) slid 4.2% after the software company announced a restructuring, which will result in the elimination of 20% of its workforce. The bulk of the job cuts will occur by the end of the month. The cuts are expected to save the company about $50 million annually. Shares were trading down 36 cents to $7.98.
( GRRF) climbed 8.6% after the company said it won bids from
. China Grentech will supply both companies with wireless coverage equipment for an expanded TD-SCDMA technique trial network. Financial terms of the deal were not disclosed. Shares were trading up 90 cents to $11.55.
( TLAB) fell 2.1% after Goldman Sachs downgraded shares of the company to sell from neutral. The firm cut its rating on the stock because of its relative value to the rest of its peer group. Goldman believes the stock price already reflects a strong second half of 2007 and a surge in new products, both of which are uncertain. The firm maintained its $11 price target on the stock. Shares were trading down 30 cents to $10.67.
As for the broader technology sector, the
100 was trading up about 9 points to about 1891.