By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch)--Tech stocks looked to close the
week out on a high note Friday, with Google Inc. rising in the wake
of the company's upbeat second-quarter results.
Google (GOOGL) climbed more than 3%, to $600 a share, following
its late-Thursday report in which the company said revenue grew 22%
from a year ago, to almost $16 billion.
Gains also came from Apple Inc. (AAPL), Hewlett-Packard Co.
(HPQ), Amazon.com Inc. (AMZN) and Microsoft Corp. (MSFT), which
edged up by 11 cents a share to $44.64 a day after announcing
18,000 job cuts.
The Nasdaq Composite Index (RIXF), which lists many leading tech
stocks, was up almost 20 points at 4,383. The Philadelphia
Semiconductor Index (SOX) rose almost 1%.
Some noteworthy decliners emerged, with Advanced Micro Devices
Inc. (AMD) falling more than 19% to $3.69 a share. Late Thursday,
AMD reported a second-quarter loss of 5 cents a share on revenue of
$1.44 billion, an improvement over a loss of 10 cents a share and
$1.16 billion in sales a year ago. But analysts surveyed had
forecast AMD to earn 3 cents a share.
AMD also forecast third-quarter revenue in a range of $1.43
billion to $1.51 billion, while analysts had earlier forecast the
company's sales at $1.57 billion. Analysts at FBR Capital Markets
and Bank of America/Merrill Lynch cut their ratings on AMD's stock
following the report.
IBM Corp. (IBM) was down almost 1% at $190.89. The tech-services
giant reported better-than-expected second-quarter results
Thursday.
Netflix Inc. (NFLX), which reports second-quarter results on
Monday, was down by $1.26 a share at $438.10.
More must-reads from MarketWatch:
Google reports 22% revenue gain
Amazon launches Netflix-style monthly reading service
Microsoft's job-cuts part of Nadella's brave new strategy
Subscribe to WSJ: http://online.wsj.com?mod=djnwires