By Benjamin Pimentel and Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks ended the week on a
mixed note Friday, as big losses from semiconductor giant Intel
Corp. claimed much of investors' attention in the wake of the
company giving a disappointing outlook for its sales next year.
Intel (INTC) shares fell 5.4% to close at $23.87 after the
company 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.
The weak forecast stole investors' attention away from Intel's
announcement that it plans to make a more aggressive push into the
mobile market next year. The company made its comments at Intel's
annual meeting with Wall Street analysts on Thursday.
Despite Intel's performance, the Nasdaq Composite Index (RIXF)
still rose more than 22 points to close at 3,991, while he
Philadelphia Semiconductor Index (SOX) edged into positive
territory by the time the market closed.
Pandora Media Inc. (P) gave up 1.5%, to close at $29.23, on
reaction to the Internet radio company's fiscal third-quarter
results late Thursday. Pandora said it lost one penny a share, on
$180.4 million in sales, compared with profit of one penny a share,
on sales of $120 million in the same period a year ago.
Excluding one-time items, Pandora said it would have earned 6
cents a share to meet the estimates of analysts surveyed by
FactSet, who also forecast the company 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 17 cents to close at
$37.52. 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 videogame console since the Xbox 360 made its
debut eight years ago.
Splunk Inc. (SPLK) flexed its muscles, surging $13.66 a share,
or almost 23%, to close at $73.56 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 more than 5% to
end the day at $14.58. 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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