Tech stocks managed modest gains Friday, boosted by strong results from Netease
and a judge’s ruling postponing a shutdown of Research In Motion’s
Shares of Netease soared 14% after the company’s earnings of 96 cents a share beat analysts’ estimates by 9 cents, as the Chinese Internet company benefited from strong demand for its online video games. Sales of $60.4 million were up 80% from the year-ago quarter and $3.7 million ahead of Wall Street forecasts.
Research in Motion
gained 6.5% after a judge delayed ordering a shutdown of RIM’s U.S. operations. The judge told RIM and NTP that the two should negotiate a settlement to the long-running patent dispute.
The broader market finished mixed, as blue chips ended the day slightly lower after oil spiked on a thwarted terrorist attack on a Saudi oil facility and durable orders fell much more than expected.
The Nasdaq rose 7 to 2287, the S&P 500 added 1 to 1289, and the Dow slipped 7 to 11,061. Volume declined to 1.93 billion shares on the NYSE, and 1.58 billion on the Nasdaq. Advancers led 19-12 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 58% on the NYSE, and 61% on the Nasdaq. New highs-new lows were 180-17 on the NYSE, and 142-25 on the Nasdaq.
gained 3% on its results, while Syniverse
plunged 28% on its earnings report.
fell 16% after delaying its results.