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IBM CEO to Step Down: Tech Weekly Recap

Stocks in this article: IBM HPQ NOK ORCL AMD SYMC CLWR

Nokia (NOK) unveiled its first Microsoft (MSFT) Windows-based phones, the Lumia 800 and Lumia 710, on Wednesday.

The phones are part of Nokia's new smartphone strategy announced earlier this year ago to gain back market share from Apple's (AAPL) iPhone and Research In Motion's (RIMM) BlackBerry smartphones.

Nokia's stock closed down 13 cents, or 1.78%, at $7.18 on Friday.

Oracle (ORCL) opened its wallet on Monday, agreeing to buy RightNow Technologies (RNOW) for $43 a share, valuing the cloud technology company at $1.5 billion when counting its debt.

The deal is a boost to Oracle's Public Cloud business, bolstering its presence in call center and social networking technology.

Shares of Oracle ended the week up 3 cents , or 0.09%, at $33.69.

Tech earnings season rumbled on, with AMD (AMD) swinging to a profit in its third-quarter results on Thursday, citing strong demand for its mobile processors.

The No. 2 chipmaker earned $97 million, or 13 cents a share, in the latest quarter, up from a year-ago equivalent loss of $118 million, or 17 cents a share.

AMD's shares were up 40 cents, or 7.22%, at $5.94 on Friday.

Symantec (SYMC) was also on deck this week, reporting in-line profit and record revenue on Wednesday amid continued demand for its security and storage products.

The Mountain View, Calif.-based firm said revenue totaled $1.68 billion for the three months ended Sept. 30, a new company record. That performance was up from $1.48 billion in the same period last year, and ahead of the average analysts' estimate of $1.66 billion.

Symantec's stock closed up 25 cents, or 1.41%, at $17.99 on Friday.

Tech earnings to look out for next week include 4G specialist Clearwire (CLWR) and chipmaker Qualcomm (QCOM), which both report after market close on Wednesday. LinkedIn (LNKD), which went public earlier this year, reports its third-quarter results after market close on Thursday.

Daily deals site Groupon, which has repeatedly scaled back the size of its IPO, is expected to make its market debut on Nov. 4.

-- Written by James Rogers in New York.

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