NEW YORK ( TheStreet) -- As is usually the case, Apple (AAPL) was the most talked-about name in tech this week. Yet, it did have some serious competition, as several tech behemoths reported results, and there was a major deal.
Apple announced that it will hold a major press event in San Jose, Calif., next week, presumably to debut the iPad Mini. The tech giant is also expected to announce other new products at the event, including a Mac Mini.
TheStreet will be live-blogging the event, which kicks off at 1 p.m. EDT on Oct. 23.
Even with the looming product announcement and quarterly earnings coming next week, Apple shares dropped 3.2% this past week to close at $609.84.
Google (GOOG) shares plunged on Thursday as an earnings release gaffe, componded by bad numbers, shocked Wall Street. An accidental leak during the middle of the day caused Google's earnings press release to hit the wires hours early at 12:30 p.m. EDT. Google blamed its printer, R.R. Donnelly (RRD) for the mistake. Third-quarter earnings were below Wall Street's expectations. Google earned $9.03 a share on $11.33 billion in revenue, excluding results from Motorola. Analysts polled by Thomson Reuters were looking for Google to earn $10.65 a share on $11.86 billion in revenue for the third quarter, up from $9.72 a share on sales of $7.51 billion in the year-ago quarter. Last year's results, however, do not factor in Google's acquisition of Motorola, which was completed in May of this year. Wall Street analysts were expecting cost-per-click (CPC), a key metric for ads, to bottom out this quarter. That didn't happen. Google said CPC fell 15% year over year, and 3% quarter over quarter. The Internet search giant is having a tougher time than many expected monetizing mobile, as the world increasingly uses devices like tablets and smartphones. Google shares fell 8.4% this week to close at $681.79.
Intel (INTC) beat already lowered earnings expectations, but the company's guidance spooked investors, as mobile concerns continue to weigh. The No. 1 chipmaker has struggled to gain a foothold in smartphones and tablets, as ARM-based competitors take market share. The Dow component posted third-quarter net income of 58 cents a share on revenue of $13.5 billion. The average estimate of analysts polled by Thomson Reuters was for earnings of 49 cents a share on revenue of $13.23 billion. For the fourth quarter, Intel expects revenue of $13.6 billion, plus or minus $500 million. Non-GAAP gross margins are expected to be between 57% and 58%, plus or minus a couple of percentage points. The top-line view is slightly below the $13.74 billion in sales analysts polled by Thomson Reuters expect. Shares of Intel declined 1% this week to close at $21.26.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV