Updated from 12:42 p.m. EDT
Tech stocks moved higher Friday, as investors reacted to good earnings news from several companies.
( VRGY) climbed 20.3% after the semiconductor test company posted better-than-expected second-quarter results and issued third-quarter guidance above expectations. The company reported adjusted earnings of $24 million, or 40 cents a share, on revenue of $183 million. Analysts polled by Thomson Financial expected earnings of 36 cents a share on revenue of $176.2 million.
Looking ahead, Verigy sees third-quarter adjusted earnings of 45 cents to 50 cents a share. Analysts project earnings of 39 cents a share. Shares closed up $5 to $29.63.
RF Micro Devices
rose 5.5% after Jefferies & Co. upgraded the stock to buy from hold. The firm also upped its target price on the stock to $9 from $7. Jefferies said it upgraded the stock because it sees demand picking up during the second half of 2007. The firm now expects earnings of 24 cents a share in 2008, up from its previous forecast of 22 cents a share. Shares closed up 34 cents to $6.50.
( ARXX) fell 3.2 after the maker of integrated circuits said that General Atlantic and Francisco Partners would not match Veritas Capital's offer to buy the company. Aeroflex called Veritas Capital's offer of $14.50 a share superior to the previous offer made by General Atlantic and Francisco Partners. Shares of Aeroflex closed down 47 cents to $14.12.
rose 17.1% after the maker of wireless networking products posted a third-quarter profit. The company posted adjusted earnings of $1 million, or a penny a share, on revenue of $34.7 million. Analysts expected a loss of 4 cents a share. During the year-earlier quarter, the company posted an adjusted loss of $1.1 million, or 10 cents a share, on revenue of $21 million. Shares closed up $2.59 to $17.75.
tumbled 15.3% after the maker of memory chips posted disappointing fourth-quarter earnings and warned that first-quarter earnings would be below Wall Street's forecast. The company earned $1.4 million, or 6 cents a share, on revenue of $14 million. Analysts expected earnings of 7 cents a share on revenue of $14 million.
Looking ahead, GSI Technology sees first-quarter earnings of 4 cents to 5 cents a share on revenue of $12.5 million to $13.5 million. Analysts project earnings of 6 cents a share on revenue of $15.1 million. Shares closed down 84 cents to $4.66.
As for the broader technology sector, the Nasdaq 100 was up 14.65 points to about 1889.