By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks put in a round of
gains Thursday, adding to the previous day's advance as most sector
leaders rose and optical-networkers flexed some muscle following
the earnings results of Finisar Corp.
The Nasdaq Composite Index (RIXF) rose almost 19 points to
2,568, while the Philadelphia Semiconductor Index (SOX) rose more
than 1%.
Finisar (FNSR) shares rose $1.61, or more than 8%, to $21.40,
after the company late Wednesday reported a fiscal second-quarter
profit of $33.8 million, or 39 cents a share, on revenue of $241
million. The results turned around from a loss of $31.5 million, or
49 cents a share, on $145.7 million in sales in the same period a
year ago.
Finisar makes receivers and transmitters used by the likes of
Hewlett-Packard Co. (HPQ) and Cisco Systems Inc. (CSCO). The
company also forecast a third-quarter profit of 45 cents to 47
cents a share on revenue in a range of $247 million to $262
million.
Spurred on by reaction to Finisar's results, other
optical-networkers rose. JDS Uniphase Corp. (JDSUD) shares rose 41
cents, or 3.4%, to $12.54; Oclaro Inc. (OCLRD) climbed by 59 cents
a share, or almost 6%, to $10.75 and Infinera Corp. (INFN) edged up
by 8 cents to $8.32 a share.
Among other tech stocks, chipmaker Atmel Corp. (ATML) rose 41
cents, or 4%, to $11.17 after Collins Stewart initiated its
coverage on the company with a buy rating.
Micron Technology Inc. (MU) rose 30 cents a share, or 4%, to
$7.69 and gains also came from Microsoft Corp. (MSFT), Apple Inc.
(AAPL), Google Inc. (GOOG), Hewlett-Packard Co. (HPQ) and Cisco
Systems Inc. (CSCO).