By Benjamin Pimentel
The tech sector traded mixed Friday, with investors keying on
the latest financial results reported Google Inc. and IBM Corp.
Google's modest second-quarter revenue growth left investors
disappointed. Shares of the Net-search giant (GOOG) fell more than
3% at the opening bell and remained there in afternoon trading,
retreating after the company reported late Thursday results that
reflected weak sales.
Getting a boost were shares of another tech bellwether, as IBM
(IBM) added more than 3%. Late Thursday, Big Blue reported a 12%
gain in second-quarter profit and raised its forecast.
However, IBM's gains weren't enough to pull the sector into
positive territory, as the Nasdaq Composite Index (RIXF) lost 0.3%
to 1,880. The tech-heavy index still was up more than 7% for the
week.
The Morgan Stanley High Tech 35 Index (MSH) was up about
0.4%.
Semiconductor shares also bounced back as the Philadelphia
Semiconductor Index (SOX) added 0.7% 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 mostly flat, 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 fractionally
higher within the Dow, while Microsoft (MSFT) sustained modest
losses.