By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks edged upward
Thursday, with Nvidia Corp. and ARM Holdings among the top
advancers after the announcement of a new partnership between the
chip makers.
Nvidia (NVDA) shares rallied more than 8% after the
graphics-chip maker said late Wednesday that it will begin
developing central processors for PCs based on a design from ARM
Holdings PLC (ARMHY). ARM's shares rose more than 5%.
The move is seen as a challenge to Intel Corp. (INTC), which has
been making inroads into Nvidia's graphics-chip business.
Gains also came from Marvell Technology Group Ltd. (MRVL), JDS
Uniphase Inc. (JDSUD), Ciena Corp. (CIEND) and NetApp Inc.
(NTAP).
Microsoft Corp. (MSFT) edged up 3 cents to $28.02. Chief
Executive Steve Ballmer said in a keynote speech at the Consumer
Electronics Show that Microsoft has sold 8 million of its Xbox
Kinect videogame units since November, and he laid out plans to
expand the reach of the Windows operating system platform.
The Nasdaq Composite Index (RIXF) rose 7.7 points to 2,709,
while the Philadelphia Semiconductor Index (SOX) advanced more than
1%.
Declines came from MetroPCS Communications Inc. (PCS), which
tumbled 7%. The discount wireless-service carrier said its
net-subscriber additions fell 6% in the fourth quarter.
Shares of Sourcefire Inc. (FIRE) slid 7.5% after the
network-security-technology company said it would acquire Immunet
for $21 million.