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RealTime IT News

Intel Boosts Chip Stocks

Intel's better than expected guidance boosted chip stocks on Friday, but a weaker than expected November jobs report reminded investors that the economy continues to face headwinds.

Intel rose 5% after the chip giant raised revenue estimates well above expectations and said it is making progress on its year-long inventory problem. The news sent the Philadelphia Semiconductor Index to a 1.5% gain on the day.

But the broader market was subdued on news that the economy added only 112,000 jobs in November, well below estimates for a gain of 200,000 jobs, and hourly earnings and average workweek data also came in below expectations.

The Nasdaq rose 4 to 2147, the S&P 500 added 1 to 1191, and the Dow climbed 7 to 10,592. Volume declined to 1.56 billion shares on the NYSE, but rose to 2.42 billion on the Nasdaq. Advancers led 20-12 on the NYSE, while decliners led 16-14 on the Nasdaq. Upside volume was 56% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 495-18 on the NYSE, and 340-23 on the Nasdaq.

Monster Worldwide lost 3% on the weak jobs report.

IBM rose 1.4% on reports that the company plans to exit the PC business.

I-many rose 5% on news that the company will be acquired by Selectica .

Catalyst Semi fell 11% after missing estimates.