Investors last week shifted money from money market funds and U.S. treasuries to technology stocks as some companies' fourth-quarter earnings beat expectations.

The average technology fund we track gained 2.5% in the five trading days ending Feb. 5, excluding inverse funds that sell short technology and Internet stocks.

Amazon.com (AMZN) - Get Report (Stock Quote: AMZN), which surged 26.4% in the five trading days, had its best holiday season ever. In the latest quarter, the company increased net income by 8.7% to $225 million from a year earlier on $6.7 billion in sales, up 18%.

Adding to its sales of digital music and videos, Amazon.com has expanded its offerings to include a library of more than 600 casual games at a sub-$10 price point. The company also will begin collecting payment-processing fees on its Amazon Flexible Payments Service in June.

(AMZN) - Get Report At 34.4% of assets, Amazon.com is the largest holding of Internet HOLDRs Trust (HHH) (Stock Quote: HHH), the best-performing technology fund, gaining 11.7% last week. Yahoo! (Stock Quote: YHOO) (YHOO) , the fund's second-biggest holding, rose 15.1% after it announced it was shutting its "Briefcase" storage service. eBay (EBAY) - Get Report (Stock Quote: EBAY), up 7.8% for the period, integrated its payment-processing system with Moneybookers USA.

Ultra Semiconductor ProShares (USD) - Get Report (Stock Quote: USD), the second-best-performing technology mutual fund, up 11.67% on 200% leverage, and Semiconductor UltraSector ProFund (SMPIX) - Get Report (Stock Quote: SMPIX), the sixth-best performer, up 10.49% on 150% leverage, track stocks in the Dow Jones U.S. Semiconductor Index.

(USD) - Get Report (SMPIX) - Get Report Standouts among the holdings include Micron Technology (MU) - Get Report (Stock Quote: MU), up 14%; Nvidia (NVDA) - Get Report (Stock Quote: NVDA) (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report , up 13%; and Texas Instruments (TXN) - Get Report (Stock Quote: TXN) (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report , up 12.6%. Judicial proceedings in Rambus' (RMBS) - Get Report (Stock Quote RMBS): (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report patent case were halted as the claims were deemed to be "unenforceable" against Micron.

(USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report The third-best-performing fund was the PowerShares NASDAQ Internet Portfolio (PNQI) - Get Report (Stock Quote: (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report (PNQI) - Get ReportPNQI). Its positions include Art Technology Group (ARTG) (Stock Quote: ARTG) (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report (PNQI) - Get Report (ARTG) , which also beat earnings expectations, popping 28.7% last week. Another holding, Shutterfly (SFLY) - Get Report (Stock Quote: (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report (PNQI) - Get Report (ARTG) (SFLY) - Get ReportSFLY), up 24.8%, announced a 10% revenue improvement over the same period. Likewise, Akamai Technologies (AKAM) - Get Report (Stock Quote: AKAM) (USD) - Get Report (SMPIX) - Get Report (MU) - Get Report (NVDA) - Get Report (TXN) - Get Report (RMBS) - Get Report (PNQI) - Get Report (ARTG) (SFLY) - Get Report (AKAM) - Get Report added 24.1% on better-than-expected earnings and revenue.

Skipping past the two inverse exchange-traded funds, the third-worst-performing technology fund last week was the Mobile Telecommunications UltraSector ProFund (WCPIX) - Get Report (Stock Quote: WCPIX) (WCPIX) - Get Report , down 3.45%. The fund's largest holding, at 23.4% of assets, is Sprint Nextel (S) - Get Report (Stock Quote: (WCPIX) - Get Report (S) - Get ReportS), which shed 9.7% of its value. Sprint lost a $73 million California case back in July 2008 on early-termination fees and is under the gun for a similar $1.2 billion class-action suit filed in November.

(WCPIX) - Get Report (S) - Get Report The culprits in the fourth-worst-performing fund, PowerShares Dynamic Media Portfolio (Stock Quote: (WCPIX) - Get Report (S) - Get Report (PBS) - Get ReportPBS), which was off 3.33% last week, were Monster Worldwide (MWW) (Stock Quote: (WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) MWW), losing 18.6%; Walt Disney (Stock Quote: DIS) (WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) (DIS) - Get Report , down 12%; Comcast (CMCSA) - Get Report (Stock Quote: (WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) (DIS) - Get Report (CMCSA) - Get ReportCMCSA), losing 9.8%; and Time Warner (TWX) (Stock Quote: TWX) (WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) (DIS) - Get Report (CMCSA) - Get Report (TWX) , off 3.5%.

Monster's own Monster Employment Index, which tracks U.S. online job demand, declined 26% over the past year and bodes poorly for job prospecting in 2009. Monster's fourth-quarter revenue fell 16%. Disney's earnings declined 32% as sales slumped 8% to $9.6 billion, hurt by some consumers looking for cheaper entertainment.

(WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) (DIS) - Get Report (CMCSA) - Get Report (TWX) Even if U.S. online retail sales growth, as estimated by Forrester Research, does slow to 11% in 2009 from 13% in 2008, that is still $156 billion in sales and an expectation of double-digit growth while the overall economy contracts.

(WCPIX) - Get Report (S) - Get Report (PBS) - Get Report (MWW) (DIS) - Get Report (CMCSA) - Get Report (TWX) For more information, check out an explanation of our ratings.