By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Microsoft Corp. jumped Friday on news that CEO Steve Ballmer is planning to retire, which gave a boost to the tech sector despite post-earnings selloffs on stocks like Pandora Media and Marvell Technology.

Microsoft (MSFT) was up 7.3% closing at $34.75, as the software giant announced that Ballmer will be stepping down within the next 12 months. The stock was the top gainer on the Dow Jones Industrial Average.

"Beyond this, we expect sum of the parts and capital-return scenarios to drive the stock," wrote Walter Pritchard of Citigroup, maintaining a $35 price target on the shares.

The Nasdaq Composite Index (RIXF) rose 0.5% to close at 3,656. The benchmark ended the week up 1.5%.

The Philadelphia Semiconductor Index (SOX) was flat, while the Morgan Stanley High Tech 35 Index (MSH) rose 0.5%.

Shares of Facebook Inc. (FB) jumped 5.2% to close at $40.55, topping $40 on J.P. Morgan note that cited "solid trends in overall engagement" among both mobile and desktop users.

In a note, J.P. Morgan analyst Doug Anmuth, citing new data from comScore, said, "We continue to believe that Facebook's strong mobile usage is offsetting desktop declines and that competing services are having only a modest impact on Facebook."

J.P. Morgan has an overweight rating on Facebook with a price target of $44.

Facebook shares have jumped more than 50% year-to-date, after struggling for months to climb past its initial public offering price of $38.

Another sharp gainer in the software sector was Autodesk Inc. (ADSK), which jumped 7.7% to close at $38.91, a day after the design-software company reported results.

On the other hand, shares of Pandora Media Inc. (P) fell 12.9% to close at $18.91 after the Internet-radio company posted a disappointing outlook. Stifel Nicolaus and Raymond James downgraded the stock to neutral ratings.

"While Pandora delivered a strong 2Q driven by increasing mobile monetization (mobile revs up 92% year-over-year) and lower content costs, we believe the risk reward on shares is now more balanced with shares up [about] 130% year-to-date and trading above our previous $20 price target," Aaron Kessler of Raymond James wrote to clients.

Marvell Technology (MRVL) shares fell 5.9% to close at $12.19. The chip maker reported better-than-expected results for the second fiscal quarter late Thursday, though earnings still fell about 34%. Pacific Crest analyst Michael McConnell wrote that the company's margin guidance could be seen as disappointing to some.

"We are cautious on sustainability of Marvell's mobile traction, which may have been driven more by price than technology," he wrote.

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