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Apple Has Worms: Tech Weekly

Though many are concerned about the looming threat of the fiscal cliff, telecom companies are actually ramping up spending, as demand for smartphones and tablets continues.

AT&T (T) announced Wednesday it will spend $14 billion over the next few years building out its infrastructure, particularly its wireless infrastructure.

AT&T will spend $8 billion a year to continue expanding its 4G network by 2014, and an additional $6 billion on wireline equipment that serves business customers.

Not to be outdone, Verizon (VZ) said it hopes to complete its LTE network by the middle of next year.

Sprint (S), which recently received a majority investment from Softbank, announced a deal Wednesday to buy wireless spectrum and customers from U.S. Cellular (USM) for $480 million.

The three telecom names had a down week. Verizon lost 4.2% to close at $42.64, while AT&T fell 4.0% to close at $33.54 and Sprint shed 2.6% to close at $5.55. (PCLN) made a surprise acquisition of Kayak Software (KYAK) for $40 per share in cash and stock late on Thursday.

Shares of closed the week 1.4% lower at $625.87, while Kayak soared 11.8% to finish at $39.67.

Next week we have earnings from Cisco (CSCO), Dell (DELL), Intuit (INTU) and others in tech.

Enjoy your weekend!

Interested in more on See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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