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By Dan Gallagher, MarketWatch SAN FRANCISCO (MarketWatch) — Tech stocks edged higher Friday, as strong trading in the chip segment gave a boost to the rest of the sector.
The Nasdaq Composite Index /quotes/comstock/10y!i:comp COMP +0.50% rose 0.5% to close at 2,797. The benchmark closed the week down 0.2%.
Two chip makers — Marvell Technology Group Ltd. and Broadcom Corp. — led the group by early afternoon, pushing the Philadelphia Semiconductor Index /quotes/comstock/10y!i:sox SOX +1.13% up 1.1%. The Morgan Stanley High-Tech Index /quotes/comstock/10t!msh.x MSH +0.32% added 0.3%.
PayPal is suing Google over unknown trade secrets, but it's known that both companies have been racing to build next-generation payments systems with a strong mobile phone component.
Also, eBay’s /quotes/comstock/15*!ebay/quotes/nls/ebay EBAY +0.07% PayPal unit filed a lawsuit against Google Inc. /quotes/comstock/15*!goog/quotes/nls/goog GOOG +0.53% over the latter’s new online payment service. PayPal accused Google of luring away a pair of top executives, who allegedly brought confidential information with them to their new employer. Read full report of PayPal's suit against Google.
Marvell /quotes/comstock/15*!mrvl/quotes/nls/mrvl MRVL +11.06% jumped 11.1% to close at$16.17. The company reported first-quarter results late Thursday and offered a current-quarter revenue forecast that topped Wall Street’s estimates.
The stock had shed more than 20% of its value after its previous earnings report in early March.
Harlan Sur of J.P. Morgan wrote in a report Friday that Marvell “is starting to see multiple new program ramps at both existing and new customers, which should fuel strong top-line growth for the rest of this year and beyond.”
Shares of Broadcom /quotes/comstock/15*!brcm/quotes/nls/brcm BRCM +5.40% jumped 5.4% to close at $36.52 after FBR Capital Markets added the chip maker to its “Top Picks” list, citing strong growth opportunities in the wireless market.
“In short, we believe Broadcom remains positioned to someday be the world’s second-largest baseband supplier, behind Qualcomm /quotes/comstock/15*!qcom/quotes/nls/qcom QCOM +0.31% , with the 3G/4G multi-mode baseband market likely to coalesce around Qualcomm, Broadcom, Intel and potentially ST-Ericsson or Marvell,” wrote analyst Craig Berger in a note to clients.
Other chip stocks got a boost. Shares of Nvidia Corp. /quotes/comstock/15*!nvda/quotes/nls/nvda NVDA +3.61% , Micron /quotes/comstock/15*!mu/quotes/nls/mu MU +2.35% rose 3.6% to close at $19.50 and Texas Instruments Inc. /quotes/comstock/13*!txn/quotes/nls/txn TXN +1.17% added 1.2% to close at $34.72, while Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc INTC -1.29% slipped 1.3% to close at $22.21.
OmniVision Technologies /quotes/comstock/15*!ovti/quotes/nls/ovti OVTI -8.90% , which makes digital imaging chip products, shed 8.9% to close at $33.18. The company announced results for its fourth-fiscal quarter late Thursday and issued a forecast for the current period that was largely in line with analysts’s estimates.
Mentor Graphics Corp. /quotes/comstock/15*!ment/quotes/nls/ment MENT -8.06% fell 8.1% to close at $13.46. The company projected disappointing results for its second fiscal quarter.
Other notable movers included Hewlett-Packard Co. /quotes/comstock/13*!hpq/quotes/nls/hpq HPQ +1.12% which gained 1.1% to close at $36.96 and Cisco Systems /quotes/comstock/15*!csco/quotes/nls/csco CSCO +1.29% which added 1.3% to close at $16.46.
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