TECH STOCKS: Techs Jump On News From Dell, Marvell, Intel

By Benjamin Pimentel

Technology stocks advanced Friday on upbeat news from three major players, led by Dell Inc. shares of which rose sharply after posting better-than-expected results.

Dell (DELL) was up more than 4% in early trading a day after the computing giant's quarterly results.

The chip sector also provided the rally a boost as shares of Marvell Technology (MRVL) traded up more than 5% after the semiconductor maker late Thursday issued a sales forecast that exceeded Wall Street projections.

Intel Corp. (INTC) completed the tech triple play early Friday when the chip behemoth raised its third-quarter sales outlook citing stronger-than-expected demand. Intel was up 4.4%.

The upbeat reports from the two chipmakers also lifted other semiconductor makers as the Philadelphia Semiconductor Index (SOX) gained more than 2%, as other big microprocessor makers advanced, including Advanced Micro Devices (AMD), Nvidia Corp. (NVDA) and Texas Instruments (TXN).

The barrage of positive reports set the stage for a positive open for the Nasdaq Composite Index (RIXF) as the tech-heavy benchmark gained 0.4% to 2,035. The Nasdaq also was on track to close the week in the green.

The sector also got a major boost from Aruba Networks (ARUN) shares of which soared more than 17% after the company reported quarterly results that beat expectations and its stock was upgraded to outperform from sector perform by RBC Capital Markets.

The Morgan Stanley High Tech 35 Index (MSH) was also up 0.9%, as major tech companies posted gains, including Hewlett-Packard (HPQ), Oracle Corp. (ORCL) and Apple Inc. (AAPL).