By Benjamin Pimentel
The tech sector edged higher early Wednesday, powered by gains
in shares of chip companies, particularly Applied Materials
Inc.
Applied Materials (ADCTD) was up more than 4% in the opening
minutes of trading, a day after posting a loss. The results still
exceeded expectations.
In a call with analysts, Chief Executive Mike Splinter also
said, "Today, there are more indications that demand is growing and
for the first time in a long while, we see positive trends in our
business."
That remark apparently was enough to boost investors' view of
the semiconductor sector as the Philadelphia Semiconductor Index
(SOX) rose 1.7%, on gains by major players such as Intel Corp. ,
SanDisk Corp. and Lam Research Corp. (LRCX).
The chip offensive gave the Nasdaq Composite Index (RIXF) a
much-needed boost, as the tech-heavy index held on to a 1.4% gain
at 1,999. The Nasdaq has been struggling in its bid to stay above
the 2,000 mark over the past week.
The Morgan Stanley High Tech 35 Index also rose 1.8%.
Major tech players were in positive territory, including
Microsoft Corp. , Oracle Corp. and Cisco Systems .