TECH STOCKS: SanDisk Rises As Tech Sector Trades Sideways

By Benjamin Pimentel

The technology sector traded sideways Thursday morning after Wednesday's rally, as the broad market also remained flat after news of higher profit from J.P. Morgan.

The Nasdaq Composite Index (RIXF) was down a fraction at last check to 1,861, on track to close the week in the black. The tech-heavy index was up more than 5% for the week.

Meanwhile, the Morgan Stanley High Tech 35 Index (MSH) slipped 0.6%, while the Philadelphia Semiconductor Index (SOX) was mostly unchanged.

The Dow Jones Industrial Average (DJI) had gained on news that J.P. Morgan (JPM) posted a higher profit in the second quarter. But the index later gave up those gains and was down about 10 points at last check.

Xilinx Inc. (XLNX) weighed down the tech sector, as its shares fell more than 4% after the chip maker posted a steep drop in quarterly profit.

Meanwhile, SanDisk Corp. (SNDK) led the sector's gainers, rising more than 5%. Other advancers included Yahoo Inc. (YHOO), Hewlett-Packard (HPQ), eBay Inc. (EBAY) and Apple Inc. (AAPL).

Intel Corp. (INTC) was mostly flat. On Tuesday, the chip giant reported upbeat second-quarter results that triggered a broad rally.

Other tech giants were in the red, including Palm Inc. (PALM) and Sun Microsystems (JAVA).

Google Inc. (GOOG) was down a fraction. The Internet giant is expected to post slower growth when it reports quarterly results after the closing bell.

IBM Corp. (IBM) was up 0.7% as Big Blue gears up for its own second-quarter results after the closing bell. The company is expected to report mostly flat earnings on lower revenue.