Updated from 2:04 p.m. EDT
Tech stocks were following the broader market sharply higher Friday as speeches from
Chairman Ben Bernanke and President Bush helped soothe traders' jitters about the spread of the subprime crisis. But tech shares also received a boost from strong earnings reports in the sector.
Among the big winners was
, which soared 23.6% after posting earnings that handily beat Wall Street forecasts. The enterprise-software developer reported second-quarter earnings of 52 cents a share, before certain items, topping analysts' 40-cent estimate. Sales surged 67% to $175.2 million, beating Wall Street's target of $165.6 million. Shares added $4.75 to $24.87.
climbed 4.8% after the maker of chip image sensors topped estimates and offered a stronger-than-expected guidance. For its fiscal first quarter, OmniVision recorded earnings of 35 cents a share, before items, with revenue of $173.1 million. Analysts expected earnings of 18 cents a share and revenue of $160.2 million.
For the current quarter, the company projected earnings of 34 cents to 46 cents a share, well above analysts' forecast of 22 cents. OmniVision sees revenue of $210 million to $230 million, compared with analysts' mean estimate of $170.9 million. Shares added 96 cents to close at $20.87.
also had a strong earnings report, though its shares were modestly lower. Dell's profit surged 46%, while earnings per share climbed to 32 cents from 22 cents. Analysts expected earnings of 31 cents a share, excluding 3 cents in stock option charges. Revenue rose 5% to $14.77 billion, slightly ahead of Wall Street's $14.63 billion forecast. Shares of Dell, though, closed down 21 cents to $28.25.
Away from earnings,
climbed 1.6% after a report that the Internet retailer will soon launch an online music service to rival
New York Post
said the Amazon service will launch the week of Sept. 17 and carry around 1 million tracks. Amazon has previously pushed back the timetable on the service's introduction multiple times, though, the
noted. Shares of Amazon closed up $1.23 to $79.91.
For its part, Apple was up 1.6% amid news that
NBC Universal division will no longer sell TV shows on iTunes. NBC decided not to renew its agreement with Apple because of a pricing dispute over the shows. The agreement doesn't expire until December, but Apple said it will not sell NBC's fall programming as a result of the move. Shares of Apple, which have been climbing all week ahead of an iPod-related announcement Wednesday, closed up $2.23 to $138.48.
As for the broader sector tracker, the Nasdaq 100 index gained 1.3% to 1988.73.