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Updates, advisories and surprises

SanDisk shares jump as results beat estimates

(11:18 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of SanDisk Corp.(SNDK) jumped more than 14% to $40 on Friday morning, after the maker of flash memory chip products reported better-than-expected results for the second quarter, despite a sharp drop in earnings for the period. The company also issued an in-line forecast for the current quarter. The stock had plaunged by 30% since it issued a warning on its first-quarter results on April 3. "We believe these results and guidance confirm our view that the NAND cycle has bottomed in Q2," wrote Mark Newman of Bernstein Research in a note to clients, maintaining an outperform rating and $60 price targets on the shares.

Microsoft, Google gain, but most techs lose ground

(9:56 AM ET) SAN FRANCISCO (MarketWatch) -- Microsoft Corp.(MSFT) and Google Inc.(GOOG) were among the leading tech stocks to post mild gains in early trading Friday in what was mostly a down day for the sector. Google shares rose 1.5% to $601.53 and Microsoft was up by almost 1% at $30.90 following upbeat reaction to those companies' quarterly results, which came out late Thursday. SanDisk Corp.(SNDK) was also a big gainer, as its shares rose almost 15% to $40.24 on strong earnings results. However, big declines from Advanced Micro Devices Inc.(AMD) , Rambus Inc.(RMBS) and Freescale Semiconductor(FSL) put a damper on the chip sector and the Nasdaq Composite Index($COMPQ) fell by 20 points to 2,945.

AMD shares slide on results, downgrades

(9:50 AM ET) SAN FRANCISCO (MarketWatch) -- Advanced Micro Devices(AMD) saw its shares slide nearly 10% to $4.38 on Friday morning after the chip-maker reported weak second-quarter results and projected lower-than-expected revenues for the current period. The company cited the slumping PC market as well as sales issues in China for the shortfall. At least two brokers -- Canaccord Genuity and Wedbush Securities -- cut their ratings to hold on the stock following the results. "Putting aside the macro challenges that the entire semiconductor group is facing, we believe AMD has some considerable company-specific headwinds," wrote Betsy Van Hess of Wedbush, citing share loss in the laptop segment, growing inventories and "slower than expected uptake" of the company's Bulldozer processors in the IT market.

Xerox 2nd-quarter net off 3.1%; revenue fell 1.3%

(7:13 AM ET) NEW YORK (MarketWatch) -- Xerox Corp.,(XRX) the Norwalk, Conn., business-process and document-management company, reported on Friday that second-quarter net income fell 3.1% on 1.3% lower revenue. Earnings fell to $309 million from $319 million in the year-earlier quarter. Earnings per share were 22 cents in both periods as shares outstanding fell 2.3% to 1.31 billion. The latest adjusted earnings were 26 cents a share. Revenue was $5.54 billion against $5.61 billion. A survey of analysts by FactSet Research produced consensus estimates of 26 cents a share of profit on $5.61 billion of revenue. Xerox estimated third-quarter profit at 20 cents to 22 cents a share, or an adjusted 24 cents to 26 cents. FactSet's survey is looking for 27 cents a share.

GE posts lower profit, affirms outlook

(6:40 AM ET) LONDON (MarketWatch) -- General Electric(GE) on Friday reported a second-quarter profit of $3.1 billion, or 29 cents a share, down from $3.8 billion, or 35 cents a share, a year earlier. Earnings from continuing operations came in at 34 cents a share. Operating profit reached 38 cents. Revenue rose 2% to $36.5 billion. Analysts polled by FactSet Research were looking for a profit of 37 cents a share in the second quarter, on revenue of $36.77 billion. The industrial conglomerate affirmed its target of delivering double-digit-earnings growth in 2012. "Today's results demonstrate that we are executing on our growth strategy in the midst of a still volatile global economy," Chairman and CEO Jeff Immelt said in a statement.

Baker Hughes 2nd-quarter net rose 30%; revenue up

(6:32 AM ET) NEW YORK (MarketWatch) -- Baker Hughes Inc.,(BHI) the Houston energy-services firm, reported that second-quarter net income rose 30% on 12% higher revenue. Net reached $439 million, or $1 a share, from $338 million, or 77 cents, in the year-earlier quarter. Revenue rose to $5.33 billion from $4.74 billion. A survey of analysts by FactSet Research produced consensus estimates of 77 cents a share of profit on $5.27 billion of revenue.

Schlumberger 2nd-quarter net up 4.8%; revenue up

(6:19 AM ET) NEW YORK (MarketWatch) -- Schlumberger Ltd.,(SLB) the Paris oil-services firm, reported on Friday that second-quarter net income rose 4.8% on 16% higher revenue. Profit reached $1.4 billion, or $1.05 a share, from $1.34 billion, or 98 cents, in the year-earlier quarter. Earnings from continuing operations were $1.05 a share versus 86 cents. Revenue rose to $10.49 billion from $8.99 billion. A survey of analysts by FactSet Research produced consensus estimates of $1 a share of profit on $10.47 billion of revenue.

European shares move lower in early trades

(3:13 AM ET) LONDON (MarketWatch) -- The Stoxx Europe 600 index(XX:SXXP) declined 0.2% to 261.23 in early trading on Friday. Germany's DAX 30 index(DX:DAX) fell 0.1% to 6,753.27. France's CAC-40 index(FR:PX1) lost 0.2% at 3,257.69. In London, the benchmark FTSE 100 index(UK:UKX) shed 0.3% at 5,699.57. On Thursday, bourses across the region received a lift from corporate earnings reports. In Asia on Friday, markets moved lower as financials shares and utilities stocks came under pressure in Japan. In deal news, brewer Heineken NV(NL:HEIA) bid around $4 billion for Singapore beverage maker Fraser & Neave Ltd.'s stake in Asia Pacific Breweries Ltd.