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Apple Rumors; LinkedIn Leaps: Tech Weekly

NEW YORK ( TheStreet) -- Last week was a busy one for tech earnings, with companies such as Apple (AAPL - Get Report) and Facebook (FB - Get Report) reporting. This week saw positive reports from LinkedIn (LNKD), Cirrus Logic (CRUS - Get Report) and Yelp (YELP - Get Report).

Cirrus Logic, which makes parts for the iPhone and iPad, gave a strong outlook for the rest of the year, which sent shares soaring.

For the company's fiscal second quarter, which ends in September, Cirrus forecast revenue between $170 million and $190 million. The high end of the range is significantly more than the $171.8 million analysts are expecting.

The Austin, Texas-based company reported earnings of 22 cents and revenue of $99 million in the latest quarter. On average, analysts polled by Thomson Reuters had forecast EPS of 21 cents and revenue of $100.9 million.

Cirrus Logic shares briefly touched a new 52-week high of $38.42 before closing the week up 31% at $37.98.

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Even though Apple reported last week, the tech giant remained in the news for a variety of reasons.

The iPhone 5 is reportedly already being tested in the "wild," even though reports say it won't be available until mid-September.

There were reports last weekend that Apple had held discussions with Twitter. But an Apple investment or acquisition of the social networking site seems highly unlikely, because Apple previously has said it does not need to own a social network.

There were also rumors all over the Internet and Twitter about the iPhone 5 costing $800 (it's unclear whether that was a subsidized or unsubsidized price), but analysts were quick to debunk them.

Apple is currently engaged in litigation with Samsung in what some are describing as a "nasty" patent battle, but there are some juicy tidbits emerging from the case.

Phil Schiller, Apple's senior vice president of marketing, took the stand on Friday and said there were suggestions for Apple to make all sorts of crazy things, including a car.

Shares of Apple closed the week up 5.2% at $615.70.

Shares of social network LinkedIn surged 16% Friday as the company posted strong year-over-year revenue growth in its second-quarter earnings report.

The Mountain View, Calif.-based company reported second-quarter earnings of 16 cents a share on $228.2 million in revenue, an 89% year-over-year increase. Analysts polled by Thomson Reuters were expecting EPS of 16 cents on $216.3 million in revenue. Revenue from LinkedIn's largest unit, Hiring Solutions, rose 107% year over year to $121.6 million.

Third-quarter guidance was also stronger than expected. LinkedIn expects sales of $235 million to $240 million. Analysts surveyed by Thomson Reuters had third-quarter estimates of 16 cents a share and $236.1 million.

LinkedIn also raised its 2012 revenue guidance and now expects its top line to range between $915 million and $925 million. Its previous guidance range was $880 million to $900 million.

Despite Friday's massive rally, LinkedIn shares rose just 4.9% for the week to close at $108.51.
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