By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks showed signs of
shaking off early losses, as big names such as Apple Inc. and
Netflix Inc. rose and the overall sector tried to close out May on
an upbeat note.
Apple (AAPL) shares rose $3.42, to $454.91, while Netflix (NFLX)
was up by $4.40 a share, or 2%, at $227.17. Late Thursday, it was
announced that Netflix will be added to the Nasdaq 100 Index (NDX)
prior to the stock market opening on June 3. Netflix will replace
Perrigo Co. (PRGO), which is moving its listing to the New York
Stock Exchange.
Netflix shares are on track to end the week with a slight loss
in the wake of the video-streaming company's launch of the new
season of "Arrested Development" on Sunday.
Dell Inc. (DELL) was up by 8 cents a share at $13.35 after the
company set a July 18 date for a shareholder vote on a proposal by
Chief Executive Michael Dell and Silver Lake Partners to take the
PC company private.
Chipmaker OmniVision Technologies Inc. (OVTI) saw its shares
surge more than 18%, to $18.37, following an upbeat earnings report
late Thursday. OmniVision, which makes image sensors for
smartphones and other electronic devices, said that for its fiscal
fourth quarter, it earned 31 cents a share, excluding one-time
items, on revenue of $336.2 million. Analysts had forecast
OmniVision to earn 21 cents a share on sales of $318.9 million.
Other gains came from Lexmark International Inc. (LXK), IBM
Corp. (IBM), Microsoft Corp. (MSFT) and Google Inc. (GOOG).
The Nasdaq Composite Index (RIXF) cut its losses and was down by
just 2 points at 3,489. The Philadelphia Semiconductor Index (SOX)
was also down slightly.
Palo Alto Networks Inc. (PANW) was among the top percentage
decliners, as the network-security technology company's shares fell
more than 9%, to $49.27. Late Thursday, Palo Alto reported a fiscal
third-quarter loss and sales that missed Wall Street analysts
forecasts.
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