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TheStreet Open House

Google Maps Is Back, but Apple's Outta Whack: Tech Weekly

NEW YORK ( TheStreet) -- Google (GOOG) Maps is back on Apple's (AAPL) iPhone, much to the rejoice of users around the world.

Google Maps came back to the iPhone this week, as Apple approved the popular mapping application for iOS devices.

"At the heart of this app is our constantly improving map of the world that includes detailed information for more than 80 million businesses and points of interest. Preview where you want to go with Street View and see inside places with Business Photos to decide on a table or see if it's better at the bar. To get you there, you've got voice-guided, turn-by-turn navigation, live traffic conditions to avoid the jams and if you want to use public transportation, find information for more than one million public transit stops," Google wrote on its blog.

Apple, known for its well-designed, beautiful hardware and software, has suffered a bitter pill with its mapping application, which forced Apple CEO Tim Cook to apologize. It also lead to a shakeup at the company, with senior executive Scott Forstall ousted from the company.

Apple has been the subject of much criticism outside of the map fiasco, as analysts have cut estimates on shipment concerns and component supplies being cut. UBS analyst Steven Milunovich cutting his price target from $780 to $700 on lower-than-expected iPhone and iPad shipments in the first calendar quarter.

Jeffries analyst Peter Misek wrote in a research note that Apple's component suppliers have received order cuts in the past couple of days. "Apple component suppliers have received order cuts in the last 24-48 hours, but we believe assembly orders remain unchanged," Misek wrote in his note. He rates Apple "buy" with a $800 price target.

Apple continued to decline this week, falling 4.38% to $509.89, while Google moved in the opposite direction, gaining 2.58% to wind up at $701.85.


Clearwire (CLWR) rose this week on news that its majority shareholder, Sprint (S) offered to buy the rest of the company it doesn't already own, for $2.90 a share, a deal worth around $2.1 billion.

Clearwire traded well above the $2.90 offer, as speculation increases Sprint will increase its offer for the rest of the company.

Shares of Clearwire increased 41% this week to close at $3.37, while shares of Sprint ended the week 2.28% lower to wind up at $5.55.

Enjoy your weekend everyone.

-- Written by Chris Ciaccia in New York

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