Dell, Marvell Send Tech Stocks Higher
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Tech stocks rallied Friday on better than expected quarterly results from Dell (NASDAQ: DELL) and Marvell (NASDAQ: MRVL).
The Nasdaq ended the week 3.2% higher and the month 4.6% higher, its third straight monthly gain. The Dow and S&P were mixed for the week and month.
Dell shares surged 5.7% and was the Nasdaq's most active issue after the company posted much better than expected results.
Marvell fared even better, soaring 23% after its 27% sales growth was much higher than forecast. The company, which supplies chips for Apple's (NASDAQ: AAPL) iPhone, cited strong wireless, storage and printer chip sales for the results.
Wind River Systems (NASDAQ: WIND), up 20%, was another big earnings winner, and Novell (NASDAQ: NOVL) gained 5.5% on its results.
Broadcom (NASDAQ: BRCM), RF Micro Devices (NASDAQ: RFMD) and Nvidia (NASDAQ: NVDA) rose 5% each.
Sigma Designs (NASDAQ: SIGM) tumbled 15% after missing estimates.
The broader market ended the day flat, weighed down by weakness in financial shares.
The Nasdaq rose 14 to 2522, the S&P added 2 to 1400, and the Dow lost 8 to 12,638. Volume declined to 3.81 billion shares on the NYSE, and rose to 2.18 billion on the Nasdaq. Advancers led by an 18-14 margin on the NYSE, and 16-13 on the Nasdaq. Upside volume was 55% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 70-66 on the NYSE, and 75-93 on the Nasdaq.