This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Steve Jobs' Exit: Weekly Tech Recap

NEW YORK ( TheStreet) -- A busy week for the tech sector kicked off with the news that Apple (AAPL - Get Report) CEO Steve Jobs is taking a medical leave of absence from the consumer technology giant.

A statement released by Jobs on Monday confirmed that COO Tim Cook would again step in to handle the day-to-day running of the iPhone maker. "I will continue as CEO and be involved in major strategic decisions for the company," said Jobs.

Apple COO Tim Cook

The iconic CEO's departure raised questions for investors about Apple's future, although Wall Street seems to have faith in Cook's ability to guide the tech heavyweight.

The news came a day before Apple posted stellar fiscal first-quarter results, boosted by strong sales of its Mac, iPhone and iPad products.

Shares of Apple closed down $5.96, or 1.79%, at $326.72 on Friday amid a broader selloff in tech stocks.

IBM & Google Results

Bellwethers IBM (IBM - Get Report) and Google (GOOG) also reported their respective fourth-quarter results.

IBM was up first, confortably beating analysts' estimates on Tuesday. The company's gross profit margin also came in at 49%, up 0.8 points year-over-year, and IBM said that its business analytics revenue was up 19% year-over-year.

Search giant Google posted its results after market close on Thursday, also beating consensus estimates, although the company's solid gains in search was overshadowed by news that co-founder Larry Page will replace Eric Schmidt as CEO.

The executive change, which takes place on April 4, has been under discussion for a while, said Schmidt. "As Google has grown, managing the business has become more complicated," he explained in a Google blog post Thursday. "So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making -- and over the holidays we decided now was the right moment to make some changes to the way we are structured."

Schmidt, who is one of Silicon Valley's best-known corporate leaders, will eventually assume the role of Executive Chairman, serving as an advisor to Page and co-founder Brin.

Google shares closed down $14.94, or 2.38%, at $611.83 on Friday. IBM's stock was down 30 cents, or 0.19%, at $155.50 on Friday.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $129.09 0.49%
GOOG $571.00 2.30%
JNPR $24.01 0.42%
HPQ $34.92 0.23%
IBM $160.54 -0.86%

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs