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Tech Industry

MIDDAY MARKETS: Jobs data and Intel inspire rally

Rallying Intel shares and a benign job report kept techs in positive territory at midday Friday. An IPO also made it out the door and into positive territory. The Nasdaq Composite Index climbed 115.23 to 2,867.89 and the Dow Jones Industrial Average rose 72.80 to 10,690.16.

The Inter@ctive Week @Net Index rose 4 to 332.45.

A government report showed job creation was slower than expected last month, parking hopes the Federal Reserve might ease borrowing costs next year.

Intel (Nasdaq: INTC) rose Friday after becoming the latest company to get hit by inventory reductions and slumping demand. Cisco (Nasdaq: CSCO) gained 2.25 to 52.19, Oracle (Nasdaq: ORCL) rose 1.68 to 30 Microsoft (Nasdaq: MSFT) rose 0.68 to 53.8125.

Ask Jeeves saw its market value sliced in half Friday after a negative pre-announcement, and news that CEO Rob Wrubel will step down. Shares were down 5.53 to 4.16.

Quantum Hard Disk Drive Group (NYSE: HDD), up 0.69 to 9.56, said it will miss revenue estimates for its fiscal third-quarter, because of a manufacturing component issue affecting its desktop drive business.

Fiber optic gear maker Ciena (Nasdaq: CIEN) jumped 11.31 to 106.94 on a flood of positive analyst reaction, a day after the company topped estimates for its fourth quarter.

In a rare feat these days, Garmin (Nasdaq: GRMN) priced shares for an IPO Friday. The maker of global positioning system (GPS) devices saw its shares up 3.25 to 17.25 in debut.

Amazon (Nasdaq: AMZN) rose 0.65 to 22.03, AOL (NYSE: AOL) gained 2.36 to 45.91and Yahoo! (Nasdaq: YHOO) fell 2.31 to 32.63.