TECH STOCKS: Apple Continues To Rise On IPhone Hype

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Apple Inc. reached a 52-week high as anticipation swelled over the coming iPhone 6. Business software companies Rally Software Development Corp. and Splunk Inc. also stood out in Friday's market action.

Apple (AAPL) rose 65 cents to $102.90, and continued a run that has lifted its share price by 10% since the company enacted a 7-for1 stock split on June 9. On Thursday, Apple sent out invitations to the media for an event on Sept. 9 in Cupertino, Calif. that is expected to involve the unveiling of the iPhone 6.

Apple may be adding touch-to-pay capabilities to the new iPhone similar to Google Wallet, according to a Financial Times report that the company is working with a Dutch chipmaker to add touch-to-pay capabilities to the next iPhone.

Rally Software (RALY) shares climbed almost 14% to $11.40 after the maker of business-management software reported better-than-expected quarterly results late Thursday.

Splunk Inc. (SPLK) was also having a good day, as the business-analytics software maker's shares rose almost 16% to $52.38. On Thursday, Splunk reported a 52% rise in its second-quarter revenue, to reach $101.5 million in sales.

Other gains came from digital camera maker GoPro Inc. (GPRO), which rose 4.3% to $50.99 and Groupon Inc. (GRPN), up by 3.4% to trade at $6.87 a share.

(Read more about other market action in Movers & Shakers: http://www.marketwatch.com/story/splunk-rallies-freds-to-close-60-stores-2014-08-29.)

The Nasdaq Composite Index (RIXF) was up by 1 point at 4,558 and the Philadelphia Semiconductor Index (SOX) edged into positive territory.

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