There was also some M&A news this week, with Cisco (CSCO - Get Report) announcing a $1.2 billion deal for privately held cloud networking specialist Meraki late on Sunday. Meraki touts technology for Wi-Fi, switching, security and mobile device management, which is managed from the cloud. With a growing number of businesses letting employees hook their own smartphones and tablets up to corporate networks (a phenomenon known as Bring Your Own Device, or BYOD), Cisco sees an opportunity to tap into this trend through the Meraki. The Meraki acquisition comes hot on the heels of Cisco's $125 million purchase of cloud automation and management specialist Cloupia last week. Cisco shares gained 12% to end the week at $18.84.
Intel (INTC - Get Report) CEO Paul Otellini will retire in May, the chip giant announced on Monday. Otellini, who has led the No. 1 chipmaker since 2005, has decided to retire at the company's annual shareholders' meeting next year, Intel said. The company's board will consider internal and external candidates to succeed Otellini, according to Intel's statement. Shares of Intel ended the week down 5.2% at $19.72.
Salesforce.com (CRM - Get Report) beat analysts' third-quarter estimates on Tuesday, boosted by hikes in subscription/support revenue and its professional services business. "Salesforce.com is the first enterprise cloud computing company to exceed a $3 billion annual revenue run rate," said CEO Marc Benioff, in a statement. Salesforce shares rose 13% to close the week at $159.45.
The Thanksgiving holiday and Black Friday may be over, but the holiday shopping season continues apace next week. I hope that you get a chance to rest up this weekend before Cyber Monday kicks off. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.