Tech Stocks Gain, But RIMM Slumps (XLK, RIMM, MITL, MTZ, GOOG, WDC, CLWR, S)

Published on Friday, 02 December 2011 11:47 Written by Paul Oldrini

New York, December 2^nd (TradersHuddle.com) – Technology stocks extended their weekly gain on Friday following the broader market, as The U.S. economy added 120,000 jobs in November and the unemployment rate fell to 8.6%. The Technology SPDR (ETF)(NYSE:XLK) rose 0.43% to $25.87 and has jumped about 7.70% for the week. The NASDAQ also added 18.65 points to 2,644.92.

Research In Motion Limited (USA) (NASDAQ:RIMM) is among the most active stocks, slumping 9.11% to $16.89 after the company announced a charge to write down the value of its inventory of the poorly received PlayBook tablet, which was its attempt to go after the dominant share of the Apple iPad. The company added to its woes, warning that it will not be able to meet its forecast for full-year adjusted diluted earnings of $5.25 - $6.00 per share.

Mitel Networks Corporation (NASDAQ:MITL) was among the biggest percentage gainers in the NASDAQ and the space, surging 24.82% to $3.42 after the company posted strong second quarter earnings late Thursday stating it earned $13.3 million, or $0.24 per share on revenue of $168.8 million, compared to a year ago profit of $9.1 million, or $0.16 a share on revenue of $161.1 million. The stock is still down over 39% for the current year.

MasTec, Inc.(NYSE:MTZ) added 4.30% to $16.52 after the company said that its wireless contract work with its single largest customer was extended for another three-year s, naming it a primary vendor for its prior markets and a secondary vendor in two new markets.

Google Inc.(NASDAQ:GOOG) climbed over 1% as Bloomberg reported that U.S. Justice Department staff attorneys have recommended antitrust approval of the company’s $400 million acquisition of AdMeld.

Western Digital Corp.(NYSE:WDC) surged 9.64% to $32.07 after the company sharply lifted its fiscal second quarter earnings outlook as it resumed hard-drive production in Thailand this week, ahead of schedule.

Clearwire Corporation (NASDAQ:CLWR) came off session highs and now trading lower by 3% to $1.97 after gaining over 8% earlier in the opening session. Yesterday, the stock was up about 15% on news it had signed agreements with its majority owner Sprint Nextel Corporation (NYSE:S) potentially worth up to $1.6 billion over the next four years.