Tech Sector Hanging On For Small Gains

Technology stocks were holding onto moderate gains late Friday afternoon, with shares of tech companies in the S&P 500 posting a 0.3% gain.

In company news, KLA-Tencor (KLAC) raced to a nearly 17-year high on Friday after the semiconductor test equipment company reported fiscal Q2 net income and revenue exceeding Wall Street expectations.

The company earned $1.52 per share during the three months ended Dec. 31, beating the Capital IQ consensus by $0.12 per share. Revenue grew 23.5% over year-ago levels to $877 million, also blowing by the $838.99 million consensus. New orders topped $1 billion during the quarter for the first time ever.

KLAC shares were up over 3% at $86.09 apiece after previously rising to their best level since April 2000 at $97.97 a share.

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