By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks looked to close the
week out on an upbeat note Friday, but big losses from Intel Corp.
stood out after the world's largest chip maker cut it sales outlook
for next year.
The Nasdaq Composite Index (RIXF) climbed more than 12 points to
3,981, but the Philadelphia Semiconductor Index (SOX) dipped into
the red, largely due to Intel's decline.
Intel (INTC) shares fell by almost 5% to $24 after the chip
giant said late Thursday that it expects sales to be flat next
year, while analysts expected an increase of 1.4% over the
company's 2013 sales.
Pandora Media Inc. (P) rose 70 cents a share, or 2.4%, to $30.38
on reaction to the Internet radio company's fiscal third-quarter
results late Thursday. Pandora said it lost a penny a share, on
$180.4 million in sales, compared with a profit of a penny a share,
on sales of $120 million in the same period a year ago. Excluding
one-time items, Pandora would have earned 6 cents a share to meet
the estimates of analysts surveyed by FactSet, who also forecast
Pandora would report sales of $177 million. Mobile-advertising
revenue remained Pandora's largest piece of total sales, as such
revenue rose 58% from a year ago to almost $105 million.
Microsoft Corp. (MSFT) shares edged up by 4 cents to $37.44. The
software giant's new Xbox One videogame console went on sale at
midnight around the U.S. with a $499 price tag. It is Microsoft's
first new video game console since the Xbox 360 debuted eight years
ago.
Splunk Inc. (SPLK) shares surged more than 22% to $73.23 a share
after the data-analytics software company reported late Thursday a
wider fiscal third-quarter loss, but its results beat Wall Street
forecasts. Splunk said it added 450 new customers during the
quarter.
Marvell Technology Group Ltd. (MRVL) shares rose 4% to $14.37.
Late Thursday, the semiconductor maker reported better than
expected third-quarter results, led by growing sales to flash drive
and mobile device makers.
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