By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks took some tentative
steps forward Friday in an effort to end the week higher, with
advances from National Semiconductor Corp. and other chip stocks
taking the sector spotlight.
The tech sector also seemed to mirror the broader market's
uncertainty in the wake of an 8.9-magnitude earthquake that rattled
Japan.
Shares of National Semi (NSM) rose more than 4% after the chip
maker's fourth-quarter revenue forecast fell in line with analysts'
estimates.
Late Thursday, National Semi said it expects quarterly sales of
$360 million to $370 million, while analysts surveyed by Thomson
Reuters had forecast revenue of $367 million.
That outlook was enough to inspire investors, even though
National Semi also reported third-quarter earnings of 24 cents a
share on $344 million in sales. The company's profit was in line
with estimates, but its sales fell short of Wall Street's $352
million forecast.
Other chip stocks on the rise included Nvidia Corp. (NVDA) and
Micron Technology Inc. (MU), both of which rose more than 2%. Gains
also came from LSI Corp. (LSI), Texas Instruments Inc. (TXN) and
Xilinx Corp. (XLNX).
Despite the chip-stock gains, the Nasdaq Composite Index (RIXF)
gave up 8 points to slip to 2,692. The Philadelphia Semiconductor
Index (SOX) edged into positive territory.
Shares of Apple Inc. (AAPL) rose 87 cents to $347.21 as the
company's new iPad 2 device went on sale.
Decliners included Clearwire Corp. (CLWR), which fell 4.5%. The
wireless-network operator said Thursday that Chief Executive Bill
Morrow and two other top executives resigned.
Clearwire said Chairman John Stanton will replace Morrow on an
interim basis, and promoted Chief Financial Officer Erik Prusch to
chief operating officer.