Chip stocks surged 3.6% Friday, spurred by an upgrade, while Dell fell 3.8% on lower than expected revenue guidance. China Business Daily::
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The broader market also rose on the day, an impressive performance given that Dell, one of technology's most dependable performers, had issued a revenue warning.
Chips were boosted by a CS First Boston upgrade of Novellus, which soared 7% on the day. Fellow chip equipment maker Applied Materials, which reports quarterly results next week, gained 3%.
Also boosting tech stocks was a stock split announcement by Apple. Shares of Apple climbed 3.6% on the news.
The Nasdaq surged 23 to 2076, the S&P 500 gained 8 to 1205, and the Dow rose 46 to 10,796. Volume rose to 1.56 billion shares on the NYSE, and 2.17 billion on the Nasdaq. Advancers led 23-10 on the NYSE, and 20-10 edge on the Nasdaq. Upside volume was 78% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 294-18 on the NYSE, and 101-65 on the Nasdaq.
MCI edged higher on reports that the company is close to being acquired by Verizon.
Novatel, Enterasys, MRV and Analog Devices rose on their results.
Click Commerce plunged 17% after missing revenue estimates.
Veeco tumbled 10% after postponing its earnings release.
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Chips Surge, Dell Stumbles 
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