Updated from 1:45 p.m. EST with new stock prices

Tech stocks held near the flat line Friday, as solid earnings reports from IBM ( IBM) and Advanced Micro Devices ( AMD) couldn't offset the continuing dour mood in the broader market.

AMD shares were up 11.5% after the company reported improving fourth-quarter margins despite an acquisition-related writedown that resulted in a $1.8 billion loss. Most Wall Street houses maintained their outlook on the stock, but American Technology Research upgraded AMD, saying the current price "finally reflects as pessimistic an outlook as possible barring a liquidity crunch," which AmTech doesn't see happening. AMD was up 73 cents to $7.07.

Applied Materials ( AMAT) rose a day after holding its analyst day, where the chip equipment maker said it was encouraged by comments from Intel ( INTC) about that company's announced capital spending budget. Applied Materials was up 49 cents, or 2.8%, to $18.02.

Shares of Level 3 Communications ( LVLT) slipped as the daytrading favorite continued to dance around the $3 level. The stock has been below $4 for the past three months. Shares were recently off 22 cents, or 7.2%, to $2.84.

Nvidia ( NVDA) fought back as investors began weighing how the week's earnings reports from Intel and AMD would affect other chipmakers. On Thursday, Kaufman said it was ratcheting down its expectations for PC demand, but said Nvidia's outlook remained strong amid good secular growth expectations in the graphic chips space. Nvidia's shares, which were down more than one-third this year already, were up $1.54, or 6.6%, to $24.84.

Xilinx ( XLNX) rose 12.5%, a day after the company posted third-quarter earnings that beat analysts' expectations. On Friday, Citibank noted that the programmable logic chipmaker wasn't experiencing macroeconomic weakness. Xilinx shares were up $2.39 to $21.53.

Skyworks ( SWKS) shares surged after the company reported late Thursday that it beat analysts' second-quarter earnings estimates and guided the Street higher for the third quarter. The stock, which had fallen about 25% in the past six weeks, was up $1.16, or 16.4%, to $8.22.

This article was written by a staff member of TheStreet.com.

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