By Dow Jones Business News,
June 13, 2014, 04:59:00 PM EDT
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks closed Friday with broad gains, led by advances from Intel Corp. and online
restaurant reservation company OpenTable Inc. while Finisar Corp. shares were bruised following a weaker-than-expected
earnings forecast from the optical equipment maker.
The Select Sector Technology SPDR ETF (XLK) rose 0.6% on the day, while the tech-heavy Nasdaq Composite Index (RIXF)
climbed 13 points to 4,310 and the Philadelphia Semiconductor Index (SOX) rose 1%.
Intel ( INTC ) rose almost 7% to $29.87 after the world's largest semiconductor company on Thursday raised its second-
quarter revenue forecast to a range of $13.4 billion to $14 billion from an earlier estimate of $12.5 billion to $13.5
billion. Intel said that it was seeing greater-than-expected demand for business PCs, and the company now expects to see
revenue grow slightly for the entire year. The company had earlier forecast full-year sales to be flat with a year ago.
OpenTable ( OPEN ) shares surged 47% to $103.57 after it agreed to be acquired by online travel agency Priceline.com
Inc. ( PCLN ) for $2.6 billion in cash. The deal values OpenTable at $103 a share. Priceline's shares fell 3% on the day.
Other Internet-based stocks rose in the wake of the Priceline-OpenTable deal, with Yelp Inc. (YELP) up almost 14%,
Groupon Inc. ( GRPN ) rising nearly 4% and online falsh-deal company Zulily Inc. (ZU) up by 5%.
One of the day's biggest decliners was Finisar Corp. ( FNSR ), which fell almost 22% to $19.71 a share. Late Thursday,
the optical-communications equipment maker gave a weaker-than-expected fiscal first-quarter earnings, excluding one-time
items, of 30 cents to 34 cents a share. Wall Street analysts had forecast Finisar to earn 41 cents a share.
More tech news from MarketWatch:
Priceline to buy OpenTable for $2.6 billion
Priceline reserves a healthy premium for OpenTable
Intel lifts outlook on business PC demand
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