Updated from 2:02 p.m. EST with new stock prices
Tech stocks traded higher Friday despite downward pressure from PC maker
, which fell dramatically a day after posting disappointing third-quarter results and outlook.
Dell sank $3.60, or 12.8%, to $24.54 after the company reported third-quarter results. Dell grew its bottom line 27%, but its financial outlook disappointed investors.
The company's U.S. consumer business revenue declined 6% during the quarter, and its revitalization plans failed to impress analysts.
, removed Dell from its "conviction buy" list of preferred companies and replaced it with
, barely a month after adding Dell to the list.
Shares of satellite radio companies
soared after a Wall Street analyst suggested the Department of Justice is set to approve the $13.6 billion acquisition deal between the two.
A Bear Stearns analyst said DOJ approval for the Sirius-XM deal is likely to come in the next few days. Sirius rose 31 cents to $3.83. XM was up $1.86, or 13.5%, to $15.60.
moved higher after CEO Ed Zander stepped down and said President and COO Greg Brown will replace him starting Jan. 1. Shares of Motorola were up 32 cents, or 2%, to $15.97.
Investors, including activist shareholder Carl Icahn, have been gunning for Zander's exit during the past few months after what they saw as Motorola's slipping hold on the mobile phone market and the poor valuation of the company.
Research In Motion
gave up much of its gains from Wednesday and fell $8.26, or 6.8%, to $113.82.
was off 5.8%, a day after it reported fourth-quarter results. The San Jose, Calif.-based company reported mixed results for the quarter, but its outlook disappointed investors.
Revenue in the fourth quarter rose 63% to $340 million from $208.8 million, coming in just below Street expectations of $341 million. Net income for the quarter was $32 million, or 8 cents a share. Excluding charges, earnings were 16 cents a share, beating analysts' expectations of 13 cents a share.
Shares of Brocade were down 45 cents to $7.29.