TECH STOCKS: Apple Continues To Rise On IPhone Hype

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Apple Inc. continued to gain more ground Friday, closing near its 52-week high as anticipation swelled over the coming iPhone 6, and business software companies Rally Software Development Corp. and Splunk Inc. also stood out in Friday's market action.

Apple (AAPL) rose 25 cents a share to close at to $102.50, and continued a run that has lifted its share price by 10% since the company enacted a 7-for-1 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, and possibly the debut of what many have dubbed the iWatch.

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 more than 15% to close at $11.54 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 more than 19% to close at $53.93. 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 almost 6% to close at $51.80 and Groupon Inc. (GRPN), which rose 2.4% to close at $6.80 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) rose 22 points to close at 4,580 and the Philadelphia Semiconductor Index (SOX) rose almost 1%.

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