Updated from 12:09 p.m. EDTTech stocks moved modestly higher Friday, following the lead of Dell ( DELL). Dell shares rose 1.5% after the computer maker posted better-than-expected first-quarter results and said that it would lay off about 10% of its workforce. The company earned $759 million, or 34 cents a share, on revenue of $14.62 billion. Analysts polled by Thomson Financial expected earnings of 26 cents a share on revenue of $13.95 billion. Dell said that job cuts would occur over the next 12 months. "While reductions in headcount are always difficult for a company, we know these actions are critical to our ability to deliver unprecedented value to our customers now and in the future," Dell said. Shares closed up 39 cents to $27.30. Elsewhere, Phazar jumped 25.6% after the antenna maker said its Antenna Products subsidiary received a $969,000 purchase order from PAGE Iberica. The deal calls for Phazar to produce four multiport antenna systems. The systems will be shipped in October for installation at a NATO site in Spain. Shares closed up 81 cents to $6.02. Meanwhile, despite posting better-than-expected fourth-quarter results and issuing solid first-quarter guidance, OmniVision Technologies ( OVTI) slipped 6.9%. The company posted adjusted earnings of $3.1 million, or 6 cents a share, on revenue of $119.2 million. Analysts expected a loss of a penny a share on revenue of $105.2 million. Looking ahead, OmniVision sees first-quarter adjusted earnings of 13 cents to 21 cents a share on revenue of $155 million to $165 million. Analysts project earnings of 6 cents a share on revenue of $117.4 million. Shares closed down $1.20 to $16.30.
Esterline Technologies ( ESL) rose 4.9% after the supplier of aerospace products posted second-quarter results that topped Wall Street's expectations. The company earned $19.8 million, or 76 cents a share, on revenue of $312.3 million. Analysts expected earnings of 65 cents a share on revenue of $289.4 million. Looking ahead, Esterline now sees full-year earnings of $2.50 to $2.60 a share. Previously, the company said that it would earn $2.45 to $2.60 a share. Analysts project earnings of $2.58 a share. Shares closed up $2.23 to $47.73. Finally, Harris ( HRS) slid 2.5% after the information technology concern agreed to buy privately held Multimax for $400 million in cash. The acquisition is expected to add about 8 cents a share to Harris' 2008 earnings. The deal is expected to close before the end of June. In addition to the acquisition, Harris lowered its 2007 earnings guidance, citing schedule and cost overruns on a fixed-price satellite program. The company now sees adjusted earnings falling to the low end of the company's previous earnings range of $2.77 to $2.81 a share. Analysts project earnings of $2.80 a share. Shares closed down $1.25 to $48.67. As for the broader technology sector, the Nasdaq 100 was up only slightly, by 0.07 points, to 1928.26.