|RIM's first-quarter results sent the handset maker's shares into a tailspin this week.|
IBM ( IBM) was also in the news on Thursday, but for a very different reason, as the tech bellwether marked its centennial. The company's CEO Sam Palmisano celebrated the event by ringing the opening bell at the New York Stock Exchange, and IBM also released a book titled Making the World Work Better: The Ideas That Shaped a Century and a Company. Founded by Thomas J. Watson Sr. in 1911, IBM is now one of the world's best-known tech brands, bringing in revenue of $100 billion a year. IBM's shares ended the week up 1.09% at $164.44.
The tech sector's run of IPOs continued this week, with online music specialist Pandora Media ( P) making its debut as a public company on Wednesday. Pandora's shares surged more than 63% in their market debut, as strong investor interest in the social media sector continued. But while the stock hit $26 at one point during morning trading -- which valued the company at more than $4 billion -- shares later fell to close at $17.42, and also sold off sharply on Thursday. Pandora's stock added 1.1% on Friday to finish the week at $13.40.
The tense relationship between HP ( HPQ) and Oracle ( ORCL) became even more fractured on Wednesday when HP filed a lawsuit against the software maker. The Palo Alto, Calif.-based PC and printer maker alleged breach of contract following Oracle's decision to discontinue support for Intel's ( INTC) Itanium chip, which is used within HP's Integrity servers. Oracle countered by describing HP's lawsuit as "utterly malicious and meritless." HP also reshuffled its management this week as the tech giant attempts to boost its presence in the Chinese and Indian markets. HP's shares ended the week up 0.09% at $35. Oracle's stock was up 1.25% at $31.18.
The coming week is set to be busy one. Earnings season rumbles on with Adobe ( ADBE) set to report its second-quarter results on Tuesday, while Red Hat ( RHT) puts out its first-quarter numbers on Wednesday. Oracle reports its fourth-quarter results on Thursday. The bidding on Nortel's patents was originally scheduled to begin on Monday, but has been pushed back to June 27. In a statement, Nortel said that this was for "reasons relating to the significant level of interest in its approximately 6,000 patents." --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.