LOS ANGELES (AFX) -- Technology stocks gained overall on Friday as the Nasdaq snapped its recent losing streak, though remained slightly under water for the year, in the wake of quarterly results from Dell Inc.
Dell shares rose on its results and helped send those of Advanced Micro Devices Inc. sharply higher after saying it would use AMD chips in some of its high-end servers. Shares of AMD rival Intel Corp. sank to a three-year low on the news.
Dell's stock moved higher after its quarterly results met lowered expectations. The No. 1 computer maker garnered upbeat market and analyst reaction to its plans to use microprocessors from AMD for the first time, as well as a steady second-quarter forecast.
The stock gained 62 cents, or 2.6%, to $24.57.
AMD shares stood out, rising $3.60, or over 11%, to $34.95 on news of Dell's plans.
Intel , the world's biggest chipmaker, watched its shares fall 29 cents, or 1.6%, to $18.36, returning the stock to April 2003 levels. Previously, Dell had used only Intel microprocessors.
Overall, the tech-laden Nasdaq Composite Index gained 14 points, or 0.6%, to 2,194. The index, which surrendered its gains for 2006 amid a broad sell-off earlier this week, dipped in and out of positive territory during the session. The key barometer of the sector's stocks is off around half a percent for the year.
The Philadelphia Semiconductor Index climbed 15.3 points, or 3.2%, to 489.7 on gains in AMD and as most other big-name chip stocks traded in the green.
Elsewhere, design-software maker Autodesk Inc. watched its stock give up 52 cents, or 1.4%, to $37.49 despite strong quarterly results and an increased outlook for the year.
In other software-related news, storage- and security-software maker Symantec Corp. made headlines after it sued Microsoft Corp. , alleging the world's largest software firm misappropriated its intellectual property rights to a storage technology. Microsoft denied the allegation.
Symantec shares lifted 6 cents to $16.30, while those of Microsoft lost 27 cents, or 1.2%, to $22.56.
German business-software behemoth SAP AG would be open to being acquired, according to an interview published in Europe. However, Hasso Plattner, the company's supervisory board chief, was quoted by the Financial Times as saying the only potential suitors he saw were Microsoft, International Business Machines Corp. or Internet search giant Google Inc.
'If shareholders think a combination, and not independence, is better, then it will happen,' Plattner was quoted as telling the financial newspaper.
SAP's U.S.-listed shares gained $1.11, or 2.1%, to $52.89.
Rival Oracle Corp. saw its shares ease 7 cents, or 0.5%, to $13.70. This story was supplied by MarketWatch. For further information see www.marketwatch.com.
Dell shares rose on its results and helped send those of Advanced Micro Devices Inc. sharply higher after saying it would use AMD chips in some of its high-end servers. Shares of AMD rival Intel Corp. sank to a three-year low on the news.
Dell's stock moved higher after its quarterly results met lowered expectations. The No. 1 computer maker garnered upbeat market and analyst reaction to its plans to use microprocessors from AMD for the first time, as well as a steady second-quarter forecast.
The stock gained 62 cents, or 2.6%, to $24.57.
AMD shares stood out, rising $3.60, or over 11%, to $34.95 on news of Dell's plans.
Intel , the world's biggest chipmaker, watched its shares fall 29 cents, or 1.6%, to $18.36, returning the stock to April 2003 levels. Previously, Dell had used only Intel microprocessors.
Overall, the tech-laden Nasdaq Composite Index gained 14 points, or 0.6%, to 2,194. The index, which surrendered its gains for 2006 amid a broad sell-off earlier this week, dipped in and out of positive territory during the session. The key barometer of the sector's stocks is off around half a percent for the year.
The Philadelphia Semiconductor Index climbed 15.3 points, or 3.2%, to 489.7 on gains in AMD and as most other big-name chip stocks traded in the green.
Elsewhere, design-software maker Autodesk Inc. watched its stock give up 52 cents, or 1.4%, to $37.49 despite strong quarterly results and an increased outlook for the year.
In other software-related news, storage- and security-software maker Symantec Corp. made headlines after it sued Microsoft Corp. , alleging the world's largest software firm misappropriated its intellectual property rights to a storage technology. Microsoft denied the allegation.
Symantec shares lifted 6 cents to $16.30, while those of Microsoft lost 27 cents, or 1.2%, to $22.56.
German business-software behemoth SAP AG would be open to being acquired, according to an interview published in Europe. However, Hasso Plattner, the company's supervisory board chief, was quoted by the Financial Times as saying the only potential suitors he saw were Microsoft, International Business Machines Corp. or Internet search giant Google Inc.
'If shareholders think a combination, and not independence, is better, then it will happen,' Plattner was quoted as telling the financial newspaper.
SAP's U.S.-listed shares gained $1.11, or 2.1%, to $52.89.
Rival Oracle Corp. saw its shares ease 7 cents, or 0.5%, to $13.70. This story was supplied by MarketWatch. For further information see www.marketwatch.com.