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Tech Stocks: H-P leads holiday lift for techs; RIM surges

By Dan Gallagher, MarketWatch

SAN FRANCISCO (MarketWatch) — Tech stocks got a strong early boost on Black Friday’s shortened trading session, with battered PC stocks Hewlett-Packard Co., Dell Inc. and Advanced Micro Devices leading a strong uptick across the rest of the sector.


Reuters

 

Research in Motion CEO Thorsten Heins shows a prototype BlackBerry 10 smartphone earlier this year.

 

The Nasdaq Composite


/quotes/zigman/123127 COMP
+1.11%



rose 0.7% to 2,947, while the Morgan Stanley High-Tech Index


/quotes/zigman/6015481 MSH
+1.36%



picked up 1% and the Philadelphia Semiconductor Index


/quotes/zigman/1468249 SOX
+2.01%



rose 1.4%.

Most notably, Research In Motion Ltd.


/quotes/zigman/18534/quotes/nls/rimm RIMM
+14.33%






/quotes/zigman/18555 CA:RIM
-3.42%



saw its U.S.-listed shares jump 12% to $11.49 after an analyst for National Bank in Toronto raised his price target to $15 from $12, reflecting an increased shipment target for the new BlackBerry 10 smartphone handsets expected to launch in February.

“The shipment boost reflects about one more month of BB10 product availability plus a little extra for the positive sentiment building in the industry from our discussions,” analyst Kris Thompson wrote.

RIM got a strong bounce earlier in the week, after Peter Misek of Jefferies Co. upgraded the stock to a hold rating, citing research that shows wireless carriers “have a much more positive view of BB10 than we expected.” The stock is up about 25% so far for this week — but remains down about 30% from this same time last year.


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Markets take in Black Friday

It’s Black Friday, and retailer stocks have outperformed the broader market.

H-P


/quotes/zigman/229301/quotes/nls/hpq HPQ
+3.60%



picked up 2.5% to trade at $12.23. The stock remains about 8% below its level from earlier in the week — before it reported disappointing results for its fiscal fourth quarter and made a surprising allegation of accounting fraud at its recently acquired Autonomy software business.

Dell


/quotes/zigman/27952/quotes/nls/dell DELL
+4.69%



was up about 3.4% while AMD


/quotes/zigman/216580/quotes/nls/amd AMD
+4.28%



rose by 3.5%. All three firms have been heavily battered by the sharp slowdown in PC sales this year.

Other strong gainers on Friday included Microsoft Corp.


/quotes/zigman/20493/quotes/nls/msft MSFT
+2.56%



, Micron Technology Inc.


/quotes/zigman/75433/quotes/nls/mu MU
+3.26%



and Juniper Networks Inc.


/quotes/zigman/202982/quotes/nls/jnpr JNPR
+2.09%



.

Amazon.com Inc.


/quotes/zigman/63011/quotes/nls/amzn AMZN
+0.17%



was down about 0.5% in early trades as Black Friday kicked off. Facebook Inc.


/quotes/zigman/9962609/quotes/nls/fb FB
-0.95%



and LinkedIn Corp.


/quotes/zigman/5131883/quotes/nls/lnkd LNKD
-0.23%



were also down.

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Dan Gallagher is MarketWatch’s technology editor, based in San Francisco. Follow him on Twitter @MWDanGallagher.


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