Tech stocks rise; AMD on track
Technology stocks rose on Thursday the day after AMD said it was on track with profitability goals.
The technology heavy Nasdaq Composite Index closed up 12.75 points to 2,451. The Philadelphia Semiconductor Index rose 2.25 points to 399.76.
AMD rose 2 cents to finish at $6.93 after the company's chief executive, Hector Ruiz, reiterated the company's target to reach operational profitability in the second half of the year. Yesterday, the Sunnyvale, California-based firm announced plans to release chips with 6 and 12 cores, as it looks to stay competitive with Intel Corp.
Among other major technology stocks, Apple shares rose 2.5 percent; IBM was up 0.63 percent, Hewlett-Packard rose 0.84 percent, and Microsoft was increased 0.21 percent.
NVidia shares are expected to decline tomorrow after the company despite a profit gain for the first quarter of 34 percent. The results fell short of Wall Street Expectations as the company struggled to make enough of its graphics chips.
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