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Facebook, Yelp spur tech gains; Intel rises


By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) — Positive reaction to the earnings results from Facebook Inc. and Yelp Inc. led gains across the tech sector on Thursday, while Intel shares also advanced as the chip giant named a longtime insider as its new CEO.


SVEN HOPPE/AFP/Getty Images


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Facebook COO Sheryl Sandberg touts the company’s mobile ad growth in its first quarter earnings report, giving the stock a lift on Thursday.

The Nasdaq Composite

/quotes/zigman/12633936 COMP
+1.15%


ended the day with a gain of more than 41 points, or 1.3%, to close at 3,440, while the Philadelphia Semiconductor Index

/quotes/zigman/1468249 SOX
+1.11%


rose 1.4% and the Morgan Stanley High-Tech Index

/quotes/zigman/6015481 MSH
+1.29%


rose 1%.  

Facebook

/quotes/zigman/9962609/quotes/nls/fb FB
-2.59%


shares rose 5.6%, to close at $28.97 a day after the social-networking giant reported strong first-quarter revenue gains, with mobile ad revenue accounting for 30% of the company’s total ad sales of $1.25 billion.

“Facebook’s Q1 earnings demonstrated that the company can consistently deliver advertising growth meaningfully above industry growth rates and can continue to drive growth in user engagement, rebutting the two current bear theses on the stock,” wrote Victor Anthony of Topeka Capital in a note to clients on Thursday.

Yelp

/quotes/zigman/9021597/quotes/nls/yelp YELP
-2.79%


surged more than 27%, to an all-time high close of $32.22, after the online consumer-review and recommendation company posted better-than-expected sales gains and narrowed its first-quarter loss from a year ago. Yelp’s results also pointed toward strong performance in its mobile business and advances in local-ad sales.

Seagate Technology

/quotes/zigman/118457/quotes/nls/stx STX
+4.61%


shares rose 7.3%, to $39.63, after the hard-disk drive maker reported upbeat quarterly results late Wednesday, led by higher sales of products used for Internet storage.


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Intel

/quotes/zigman/20392/quotes/nls/intc INTC
+0.38%


came back from its early losses to rise 12 cents a share and close at $24.11. The chip giant promoted chief operating officer Brian Kraznich to CEO. Kraznich will take over as Intel’s CEO on May 16, and replace Paul Otellini, who had previously said he was retiring.

Two rivals of Intel — AMD

/quotes/zigman/216580/quotes/nls/amd AMD
+5.28%


and Qualcomm

/quotes/zigman/77257/quotes/nls/qcom QCOM
+1.16%


—also advanced, with AMD shares rising almost 6% and Qualcomm closing with a gain of 1.6%.  

LinkedIn Corp.

/quotes/zigman/5131883/quotes/nls/lnkd LNKD
-12.32%


, which reports quarterly results after the close of trading, rose 3.5%, to close at $201.67 a share. The company is expected to post strong gains in both revenue and earnings for the period.

Other gains came from Apple Inc.

/quotes/zigman/68270/quotes/nls/aapl AAPL
+1.19%


, which rose 1.4% to close at $445.52 a share, Google Inc.

/quotes/zigman/93888/quotes/nls/goog GOOG
+1.77%


, Netflix Inc.

/quotes/zigman/87598/quotes/nls/nflx NFLX
-0.21%


and Applied Materials Inc.

/quotes/zigman/19895/quotes/nls/amat AMAT
+0.14%


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Mystic Maggie

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