Updated from 12:02 p.m. EDT

Oracle's ( ORCL) earnings beat helped propel tech stocks Friday, as the sector continued its advance after the Federal Reserve's rate cut earlier this week.

The business software maker rose 4.4% after reporting revenue of $4.53 billion, up from the $3.6 billion it reported in the year-ago period. Analysts were expecting $4.34 billion, according to Thomson Financial. The company reported net income of $840 million, or 16 cents a share, vs. $670 million, or 13 cents a share, in the comparable 2006 quarter.

Excluding items, Oracle earned 22 cents a share, vs. analysts' forecast of 21 cents a share. Shares closed up 93 cents to $21.98.

Oracle is a component of the Nasdaq 100, which rose 16.87 to 2049.48.

Texas Instruments ( TXN) also rose after announcing a share buyback and upping its dividend. The chipmaker's shares advanced 2.4% after it said early Friday that its board had authorized it to purchase $5 billion worth of shares and raise its quarterly cash dividend by 25%, to 10 cents a share. Shares closed up 85 cents to $36.62.

Optium ( OPTM), which makes optical subsystems for telecommunications companies and cable TV networks, spiked 28.4% after offering a rosier outlook for its fiscal first quarter. The company sees revenue of $34 million to $35 million, at least $5 million above the Thomson Financial consensus estimate. While it also swung to a non-GAAP fourth-quarter loss of $1.2 million, or 4 cents a share, vs. income of $1.8 million, or 9 cents a share, in the year ago period, the stock advanced $2.05 to close at $9.27.

Sonic Solutions ( SNIC) jumped 24.5% after Canaccord Adams upgraded the digital media management application maker to buy from hold, according to StreetInsider.com. The firm cited the DVD Copy Control Association's approval of on-demand DVD-burning using the industry's standard Content Scrambling System (CSS). Shares jumped $1.91 to close at $9.70.

HandHeld Entertainment ( ZVUE) rocketed 55.2%, after the provider of digital media content for computers and mobile devices was named the fastest growing media company by comScore Media Metrix for August 2007. Handheld's unique visitors spiked 327% from July to August, comScore reported on Sept. 18. After Handheld highlighted the report in a press release Friday morning, shares jumped 95 cents to close at $2.68.

Chipmaker Skyward Solutions ( SWKS) added 3.3% after UBS initiated coverage of the stock with a buy rating. Shares rose 30 cents to close at $9.34.

Transaction management software maker Synchronoss Technologies ( SNCR), however, fell after the Associated Press reported late Thursday a director sold 12,500 shares. James McCormick sold the shares Monday for $38.01 to $39.77 apiece, in a prearranged trading plan. The stock shed $4.46, or 10.2%, to $39.20.

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