|HP turned on a fire hose of announcements this week.|
Google ( GOOG) kicked off the week with its biggest-ever acquisition, announcing a $12.5 billion deal for Motorola Mobility ( MMI) on Monday. The purchase should give Google a big leg up in the booming smartphone market, where its Android operating system is locked in a fierce battle with Apple's ( AAPL) iOS. As part of the deal Google not only gets its hands on a leading player in the smartphone industry, but a trove of 17,000 technology patents related mostly to the wireless industry. Google chief Larry Page described the deal, which is expected to close in late 2011 or early 2012, as good for all Android players. "Motorola Mobility's total commitment to Android has created a natural fit for our two companies. Together, we will create amazing user experiences that supercharge the entire Android ecosystem," Page said in a press release Monday. Amidst a broader selloff in tech stocks, Google shares closed down $13.96, or 2.77%, at $490.92 on Friday. Motorola Mobility's stock was up a penny, or 0.03%, at $37.86.
Renderings of Apple's new outlet in New York City's Grand Central Terminal emerged Wednesday. Rumored to open in late November, the store will be located on the terminal's east balcony where Charlie Palmer's Metrazur restaurant previously stood. Apple's Grand Central location will be its fifth in New York City and potentially its largest in the world. Its landmark Fifth Avenue glass cube store, located about a mile from the terminal, is currently undergoing renovations. The tech giant's shares fell 1.8% to $373.30 in premarket trading Thursday, following the departure of mobile ad exec Andy Miller. Miller, who joined the company through its acquisition of Quattro Wireless, will join venture capital firm Highland Capital Partners. Apple shares closed down $10.02, or 2.74%, at $356.03 on Friday.
Shares of small-business software provider Intuit ( INTU) rose on Friday after the company projected strong earnings for the 2012 fiscal year during its fourth-quarter report Thursday afternoon. Intuit reported a loss of 19 cents a share on revenue of $593 million, beating EPS estimates by two cents. Analysts had expected sales of $583 million. For the first time since 1998, Intuit posted an adjusted profit for the fourth quarter, with CFO Neil Williams citing a rise in conversion of customers from packaged software to that sold online. The company also announced its first cash dividend: 15 cents a share. Intuit's stock ended the week up $3.35, or 8.31%, at $43.65.
With earnings season drawing to a close, the tech sector's attention will be focused on new products during the coming weeks. AT&T ( T), for example, will debut its USBConnect Momentum 4G and Mobile Hotspot Elevate 4G on Monday. -- 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: email@example.com.