Tuesday's Applied Materials Inc. (NASDAQ: AMAT) first-quarter results and Qwest Communications International Inc. (NYSE: Q) fourth-quarter results have helped them lead Wednesday's tech gains and telecom gains respectively.

Semiconductor equipment maker Applied Materials said that its fiscal first-quarter profit declined as revenue fell due to the challenging global market for its products. Sales fell 8% to $2.09 billion from $2.28 billion in the same period of 2006. The company earned $262.4 million, or 19 cents per share, down 35% from $403.5 million, or 29 cents per share.

Excluding restructuring costs and other items, adjusted earnings were $345 million, or 25 cents per share. Analysts polled by Thomson Financial had expected a profit of 20 cents per share on sales of $2.01 billion.

Shares of Applied Materials rose Tuesday and Wednesday $3.10, or about 17%, to close at $19.91. Shares have been climbing from the 52-week low of $16.13 in mid January.

Qwest's fourth-quarter and full-year results, as well as guidance for flat or slightly lower revenue in 2008, met the expectations of analysts surveyed by Thomson Financial. The company posted an 89% rise in quarterly profit, boosted by sales of internet and data offerings that offset wireline losses.

For the quarter, earnings were $366 million, or 20 cents per share, compared to $194 million, or ten cents per share, in 2006. Revenue of $3.4 billion declined 1.5% year over year and was flat sequentially.

For the full year, Qwest posted revenue of $13.8 billion, which after adjustments was essentially flat compared to the prior year. Normalized for income tax benefits and litigation charges, adjusted earnings were $1.1 billion or 55 cents per share.

Qwest's shares have risen about 52 cents, or less than 10%, on Tuesday and Wednesday to close at $5.67. It's still near its 52-week low of $5.00 from January.

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