Emulex Beats Estimates

Emulex gave the battered tech sector a glimmer of hope after the close on Thursday.

The company beat earnings and revenue estimates, and reaffirmed guidance. It was the second bit of good news for the storage sector this week, after EMC’s upbeat analyst meeting yesterday.

Emulex managed only modest gains after hours, though. The stock was already up 5% ahead of earnings.

All news after the bell was not good, however, as NVIDIA beat lowered guidance, only to warn once again.

The broader market was boosted during the day by better than expected retail sales and productivity reports.

The Nasdaq slipped half a point to 1652, the S&P 500 added 7 to 974, and the Dow gained 64 to 9126. Volume declined to 1.37 billion shares on the NYSE, and 1.64 billion on the Nasdaq. Advancers led 20-12 on the NYSE, while decliners led 16-14 on the Nasdaq. Upside volume was 62% on the NYSE, and 37% on the Nasdaq. New highs-new lows were 42-20 on the NYSE, and 77-9 on the Nasdaq.

Interwoven fell 12% and iManage gained 12% after the two companies announced merger plans.

HP fell 3% after Goldman Sachs cut estimates.

Intel slipped on IRS troubles.

AMD rose 4% after unveiling Linux chips.

SCO Group fell 8% after IBM counter sued in the companies’ Linux dispute.

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