By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks ended the week on a
mixed note Friday, with Pandora Media Inc. and Applied Materials
Inc. among those putting in decent gains following the previous
day's big declines across the sector.
Pandora (P) shares ros3 2.5%% to close at $20.34 as industry
analysts began weighing in on the Internet radio company ahead of
its quarterly results, scheduled for after the close of trading on
Thursday. Heath Terry, of Goldman Sachs, raised his rating on
Pandora to buy from neutral and set a $27-a-share price target on
the stock.
Terry said that he has been encouraged by three quarters of
Pandora increasing its revenue from mobile ads and subscriptions,
and that the risk-and-reward factor involved with Pandora's stock
has become more favorable.
In a research note, J.P. Morgan analyst Doug Anmuth said he
expects Pandora to report strong fiscal second-quarter results, and
the company "should benefit from continuing momentum in mobile
audio advertising."
Applied Materials (AMAT) ended the day up by almost 2%, at
$15.62 a share. Late Thursday, the semiconductor-equipment maker
reported a 23% drop in its fiscal third-quarter earnings, and named
company President Gary Dickerson at its new chief executive.
Dickerson takes over from Michael Splinter, who was appointed
executive chairman of Applied Materials board of directors.
Thomas Diffely, an analyst with D.A. Davidson, raised his rating
on Applied Materials to buy from neutral, saying that new CEO
Dickerson has "a strong track record [and] should reinvigorate
investor interest."
Dell Inc. (DELL) rose 12 cents a share to close at $13.82 after
the PC company on Thursday reported a 72% drop in quarterly
earnings, but its results still exceeded the forecasts of analysts
surveyed by FactSet.
Gains also came from Hewlett-Packard Co. (HPQ), Apple Inc.
(AAPL), Netflix Inc. (NFLX) and Facebook Inc. (FB).
The Nasdaq Composite Index (RIXF) turned back from its early
gains to slip by 3 points and close at 3,602 a day after the
tech-heavy market gauge fell more than 60 points in the wake of a
disappointing earnings report and outlook from Cisco Systems Inc.
(CSCO).
Cisco's shares fell 21 cents to close at $24.27.
BlackBerry Inc. (RIMM) experienced a day of losses in what has
been a continuing seesaw performance for the troubled smartphone
maker.
BlackBerry shares fell 4% to close at $10.51 as Pacific Crest
analyst James Faucette said in a research note that there are
several items that could affect BlackBerry's value in any potential
deal involving the company. BlackBerry recently said it was
exploring all options for the company, including a potential
sale.
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