Groupon Goes Public: Tech Weekly Recap

NEW YORK ( TheStreet) -- Groupon ( GRPN) made its eagerly anticipated debut as a public company on Friday, enjoying a pop as investors bought into its IPO.

Despite recent criticism of Groupon's accounting and concerns about the firm's ability to turn a long-term profit, the shares soared 40% at market open.

Groupon had priced its offering at $20 late on Thursday, above the range of $16 to $18 it had initially sought. The offering valued the company at nearly $13 billion.

Groupon's stock opened at $28 a share on the Nasdaq. The shares then hit a high of $31.14 during the day's trading and eventually closed at $26.11, a 30.55% hike on the offering price.

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One of the biggest challenges looming on the horizon for the newly public company, however, is increased competition from the likes of Google ( GOOG), Amazon ( AMZN) and LivingSocial, as well as a slew of smaller firms. Groupon has also gone public at a time of uncertainty in the global economy.

The worlds of technology and entertainment combined in somewhat bizarre fashion on Tuesday when Pete Townshend took a big swing at Apple ( AAPL).

Speaking at a lecture organized by the BBC, The Who guitarist described Apple's iTunes as a "digital vampire" that "bleeds" new artists instead of helping them build their careers.

The iconic musician urged Apple to help nurture emerging artists by providing A&R services, as well as computer hardware and music software.

Apple shares ended the week down $2.83, or 0.7%, at $400.24.

HP ( HPQ), after spending the last few months frightening the life out of investors, took a big step in the right direction on Tuesday by becoming the first major server player to support ARM's ( ARMH) low-power chips.

A semiconductor star, ARM's technology has typically been found in smartphones and tablets, although HP will use the chips within a soon-to-be-launched server technology called Redstone.

HP's stock closed up 13 cents, or 0.48%, at $26.97 on Friday.

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