Tech stocks moved higher Friday, with
Research In Motion
leading the way.
The BlackBerry maker soared 18% after posting stellar first-quarter results. The company posted earnings of $223.2 million, or $1.17 a share, on revenue of $1.08 billion. Analysts polled by Thomson Financial expected earnings of $1.06 a share on revenue of $1.05 billion.
Looking ahead, Research In Motion sees second-quarter earnings of $1.37 to $1.49 a share on revenue of $1.3 billion to $1.37 billion. Analysts project earnings of $1.12 a share on revenue of $1.11 billion.
In addition to posting financial results, the company also said that it would do a 3-for-1 stock split. Shares were recently trading up $29.19 to $194.78.
rose 7.6% after the disk-drive component maker agreed to be acquired by
for $1 billion in cash, or $32.25 a share. The deal, which represents a 9% premium to Komag's closing price of $29.58 on Thursday, is expected to close during the third quarter. Shares of Komag were trading up $2.29 to $31.87, while shares of Western Digital were trading down 3 cents to $19.50.
vaulted 16% after the computer-networking company posted big gains in fourth-quarter results. The company earned $7 million, or 39 cents a share, on revenue of $249.8 million. During the year-earlier period, the company earned $4.7 million, or 26 cents a share, on revenue of $174.9 million.
For fiscal 2008, the company continues to expect earnings of $3.45 to $3.65 a share on revenue of about $1 billion. Shares were trading up $5.97 to $42.29.
rose 5.3% after UBS upgraded the chipmaker to buy from neutral. The broker also boosted its price target on the stock to $50 from $41. Meanwhile, UBS now sees fiscal 2008 earnings increasing to $2.51, up from an earlier forecast of $2.21 a share. Shares were trading up $1.99 to $41.60.
slumped 14% after the network-technology company said that it received an examination report from the Internal Revenue Service, saying that it owes the tax collector $122 million in additional taxes plus some $49 million in penalties. The tax bill stems from the tax years of 2003 and 2004, the IRS said. Packeteer disagrees with the assessment and said that it would appeal the decision with IRS Appeals or the Tax Court. Shares were trading down $1.33 to $8.15.
As for the broader technology sector, the Nasdaq 100 was trading up about 11 points to about 1943.