Tech stocks were on the march Friday, led by
Research In Motion
The BlackBerry maker was soaring 12.8%, above its 52-week high after reporting
in-line earnings and upping its outlook after the previous bell. The company posted second quarter net income of $287.7 million, or 50 cents a share, up from $140.2 million, or 25 cents a share, in the same quarter last year. Analysts polled by Thomson Financial were expecting earnings of 50 cents a share. The company reported revenue of $1.37 billion, vs. $658.5 million in the same quarter of last year. Analysts were expecting revenue of $1.36 billion.
While not the blowout quarter investors have become accustomed to, Research In Motion shareholders were enthused over the company's third-quarter outlook. The company expects revenue of between $1.6 billion and $1.67 billion and earnings of between 59 cents and 63 cents a share. Analysts were expecting revenue of $1.51 billion and earnings of 55 cents a share. Goldman Sachs upped its price target by $30 to $147 and maintained a buy rating. The stock was gaining $12.88 to $113.42.
also was climbing 2.7%, after a Sanford C. Bernstein analyst said in a research note Friday the company would be worth far more if broken up, according to
. The note also said such a scenario was unlikely, but shares rallied 73 cents to $27.88.
also was edging up 2.6% on two bullish analyst reports. Bear Stearns boosted the stock's target to $700 and maintained its outperform rating. Nollenberger upped its price target $75 to $650 and maintained a buy rating. Shares were gaining $14.97 to $594.
Research In Motion was the biggest mover on the Nasdaq 100, which also includes components Yahoo! and Google. The index was gaining 43.03 to 2148.59.
Digital optical communication system maker
was jumping 7.2% on no major announcements. Shares were adding $1.67 to $24.87.
Not all tech stocks were rallying.
slipped 20.1%, after the stock was downgraded on disappointing third-quarter guidance. The tech support company now sees a non-GAAP net loss of between 8 cents and 10 cents a share, down from its earlier outlook of 9 cents to 11 cents a share. The company also cut its revenue forecast to $11.1 million to $11.3 million, down from earlier guidance of $12 million to $13 million. Analysts expected a loss of 10 cents a share on revenue of $12.7 million. Needham downgraded the stock to hold from buy. Shares shed $1.27 to $5.06.
was sinking 13.1%, after Bear Stearns downgraded the wireless broadband service provider to per perform from outperform. The firm cited concern about its deal with
to roll out a nationwide WiMax network. Shares were falling $3.10 to $20.51.
was shedding 9.4%, after the discount flat-rate cell phone service reported a growing subscriber base, but also a growing number of defections. The company said it added about 671,000 subscribers in its fiscal second quarter, a 16.6% increase from the year-ago period. The company also reported a "churn" of 5.2%, an increase of 0.2% from the second quarter of 2006. The company ended the quarter with 3.7 million subscribers. Shares were falling $2.59 to $25.01.