By Benjamin Pimentel
The tech sector traded mixed Friday, with investors keying on
the latest financial results reported by Google Inc. and IBM
Corp.
Google's (GOOG) modest second-quarter revenue growth
disappointed investors. Shares of the Internet-search giant fell
more than 2% in afternoon trading, retreating after the company
reported results late Thursday.
Getting a boost were shares of another tech bellwether, as IBM
(IBM) added more than 3%. Late Thursday, Big Blue posted a 12%
increase in second-quarter profit and raised its forecast.
The Nasdaq Composite Index (RIXF) traded flat in the early
afternoon and was at 1,885 at last check. The tech-heavy index was
still up more than 7% for the week.
The Morgan Stanley High Tech 35 Index (MSH) added 0.8%.
Semiconductor shares also bounced back as the Philadelphia
Semiconductor Index (SOX) rose about 1% on gains scored by such
giants as Intel Corp. (INTC), Texas Instruments Inc. (TXN) and
Advanced Micro Devices (AMD).
The Dow Jones Industrial Average (DJI) was up about 27 points,
as investors reacted to mixed earnings results.
Along with fellow blue chips IBM and Intel, shares of Cisco
Systems (CSCO) and Hewlett-Packard Co. (HPQ) traded higher within
the Dow, while Microsoft (MSFT) sustained modest losses.