TECH STOCKS: Broad Rally Lifts Tech Sector At Market Close

Date : 10/22/2009 @ 4:36PM
Source : Dow Jones News
Stock : Lam Research Corp. (LRCX)
Quote : 205.08  14.69 (7.72%) @ 4:27PM

TECH STOCKS: Broad Rally Lifts Tech Sector At Market Close

Lam Research Corp. (NASDAQ:LRCX)
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By Benjamin Pimentel

Tech stocks came to life late in the session Thursday, as many sector leaders closed with gains after earlier being pummeled by losses led by eBay Inc. and EMC Corp.

The tech-heavy Nasdaq Composite Index (RIXF) climbed 14.6 points to close at 2,165, while the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) also closed in positive territory.

EBay (EBAY) still remained off by $1.04 a share, or 4%, at $23.99 a day after the company issued a weaker-than-expected outlook.

EMC Corp. (EMC) also fell, giving up 18 cents a share to close at $17.33 after the storage-technology company reported lower third-quarter profit.

However, shares of Apple Inc. (AAPL) turned around to rise 28 cents to $205.20 after earlier trading in the red.

Nokia Corp. (NOK) filed suit against Apple, alleging the iPhone violates 10 Nokia technology patents.


Other companies closing with gains included Hewlett-Packard (HPQ), Oracle Corp. (ORCL), Google Inc. (GOOG) and Advanced Micro Devices (AMD).

Online retailer Inc. (AMZN) and communications-chip maker Broadcom Corp. (BRCM) both saw their shares rise ahead of quarterly results due after the market close.

Lam Research Corp. (LRCX) rose $1.25 a share, or 3.5%, to $37.10 after the semiconductor equipment maker reported a higher quarterly profit.

Gains also came from Dell Inc. (DELL), IBM Corp. (IBM) and Cisco Systems (CSCO).

And Microsoft Corp. (MSFT) managed to squeeze in a gain of a penny a share to close at $26.59 on the day it launched Windows 7, the latest version of its flagship PC operating system.


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