By Rex Crum and Dan Gallagher, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks came back from their
early weaknesses to close Tuesday with strong, broad gains led by
sector bellwethers Microsoft Corp., Intel Corp. and Google Inc.
"Wintel" partners Microsoft (MSFT) and Intel (INTC) were the
biggest gainers among large-cap tech stocks, as each company's
shares rose more than 3% on the day. There were no clear news
drivers for either stock, though both companies are slated to
report their quarterly results next week for a period that likely
saw continued pressure in the PC segment. Both stocks have also
significantly underperformed the broader market over the last six
months.
Also, Google (GOOG) rose $2.80 a share, to close at $777.65
after the Web search giant announced its latest fiber-to-home
project in Austin, Texas. The company launched its first such
service last year in Kansas City.
The Nasdaq Composite Index (RIXF) ended the day up by more than
15 points to close at 3,237. The Philadelphia Semiconductor Index
(SOX) and the Morgan Stanley High Tech 35 Index (MSH) each closed
with gains of almost 1%.
Other large-cap tech gainers included Hewlett-Packard (HPQ) , up
1.3% to close at $22.22; Cisco Systems Inc. (CSCO), which rose
almost 2% to $20.97 and Amazon.com (AMZN) which rose nearly 1% to
close at $261.14.
Pandora Media Inc. (P) shares edged up by 3 cents to end the day
at $12.91 after the company said it has reached 200 million
registered listeners for its Internet radio service in the U.S. The
company, which launched in 2005, said it took six years for it to
reach its first 100 million registered listeners, and in March it
streamed 1.5 billion hours of music.
Wi-Fi hot-spot service provider Boingo Wireless Inc. (WIFI)
shares climbed 4% to $6.12, after the company said it reached an
agreement with AT&T Inc. (T) in which AT&T customers can
now access Boingo's network through AT&T's Wi-Fi International
app.
(INTC)Advanced Micro Devices Inc. (AMD)rose 1.5% to close at
$2.63. On Monday, AMD's shares rose 13% on reports that it would
provide the processors for Microsoft's next version of the Xbox
videogame console.
Cybersecurity technology company Sourcefire Inc. (FIRE) fell
more than 3% to close at $53.64 a share. Late Monday, Sourcefire
named board member John Becker as its chief executive, replacing
company founder Martin Roesch, who had been serving as interim CEO
since last June. Roesch will remain as Sourcefire's chief
technology officer and a member of the company's board of
directors.
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