Pulse: Tech Stocks Rally to Cap Preholiday Session; Chipmakers Lead

Weakness in Oracle and Informix persisted throughout the session but didn't damage the indices.
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(Updated from 10:37 a.m. EDT)

Ahead of the Fourth of July holiday, trading volume was modest during today's shortened session. But while technology stocks did little for most of the morning, they got a lift before the closing bell.

Among those feeling the boost were chip companies including

Advanced Micro Devices

(AMD) - Get Report

, which jumped 6 13/16, or 8.8%, to 84 1/16. The

Philadelphia Stock Exchange Semiconductor Index

tacked on 40.38, or 3.5%, to 1180.91.

The

Nasdaq Composite Index finished higher 25.82, or 0.7%, to 3991.93.

TheStreet.com Internet Sector

index was up 5.18, or 0.6%, to 847.02.

Oracle

(ORCL) - Get Report

, which took it in the chin during early-morning trading, announced this afternoon that Larry Ellison, the company's chairman and CEO, will assume the duties of president and chief operating officer. Late Friday night, the e-business software giant made a surprise announcement that Ray Lane had resigned as president and chief operating officer. Oracle closed down 3 7/8, or 4.6%, to 80 3/16.

In other company news, database software provider

Informix

(IFMX)

stated that its second-quarter earnings would be no better than half of last year's profit, significantly behind street expectations, because of flat revenues and a strong dollar. The company predicted earnings per share to be in a range of 1 cent to 3 cents, compared with the year-ago pro forma profit of 6 cents a share. Shares of Informix plummeted 2 3/4, or 37%, to 4 11/16.

Additionally, online retailer

Amazon.com

(AMZN) - Get Report

will continue its overseas expansion plans despite concerns about its dwindling cash reserves, CEO Jeff Bezos told the

Financial Times

. The interview was posted on the newspaper's Web site late Friday. "We're on the plan we were always on," Bezos told the newspaper.

On June 23, Amazon shares fell more than 20% after

Lehman Brothers

issued a negative comment about the company's debt and

Morgan Stanley Dean Witter

Internet analyst

Mary Meeker suggested that second- and third-quarter revenue might fall below her estimates. Amazon gained 11/16 to 37 today.