Tech stocks start higher after Nasdaq`s big breakout
March 30, 2006 10:14:19 (ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks started higher early Thursday, a day after the Nasdaq hit a fresh five-year high and as Nokia Corp. boosted its estimate for industry-wide mobile phone growth.
Texas Instruments Inc. (TXN, Trade), a big chip supplier to Nokia, rose 3% to $32.93 after Nokia lifted its 2006 global mobile device volume forecast Thursday due to strong subscriber growth.
Nokia (NOK, Trade), the world's largest mobile phone supplier now sees 15% or more industry-wide growth in 2006, from a previous expectation of 10% or more. The stock rose 5% to $21.21.
Other big percentage gainers included ATI Technologies Inc. (ATYT, Trade), a maker of graphics chips used in computers and video games.
The stock jumped 9% to $17.15 after the company's fiscal second-quarter earnings topped Wall Street's estimate. ATI Tech also offered a promising outlook for the current quarter.
Overall, the tech-heavy Nasdaq Composite Index (COMP.IDX) rose 10.65 points. The index closed at a five-year high on Wednesday.
The Philadelphia Semiconductor Index (SOX) added more than 5 points.
The Morgan Stanley High Tech 35 Index (MSH) advanced more than 4 points, while the Goldman Sachs Hardware Index (GHA) ticked up over 2 points.
SigmaTel Inc. (SGTL, Trade) was among the top percentage decliners after the maker of chips slashed its first-quarter sales target after the market closed Wednesday.
The stock sank 15% to $8.60, setting a new 52-week low. |
