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.

> > Bull or Bear? Vote in Our Poll

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.

Qualcomm ( QCOM) enjoyed a significant sales and profit jump during the company's fourth quarter. Qualcomm released its results after market close on Wednesday, and the Apple partner sailed past Wall Street's estimates.

The chipmaker brought in revenue of $4.12 billion, up from $2.95 billion in the same period last year. Analysts surveyed by Thomson Reuters were looking for revenue of $4 billion.

Robust guidance helped push Qualcomm's shares up in extended trading on Wednesday. The company's stock ended the week up 39 cents, or 0.7%, at $56.50.

LinkedIn ( LNKD) posted its second quarterly results as a public company after market close on Thursday, registering its first loss despite surging revenue.

The Mountain View, Calif.-based company also offered strong fourth-quarter guidance, predicting revenue between $154 million and $158 million, well above analysts' forecast of $147.94 million.

LinkedIn's stock, however, closed down $5.13, or 5.86%, at $82.37 on Friday.

Rumors of a possible Yahoo! ( YHOO) sale continued to swirl this week, with Reuters reporting on Friday that the Web giant has signed confidentiality agreements with several parties interested in buying all or part of the company.

Activist investor Daniel Loeb also cranked up the Yahoo! pressure on Friday, attempting to oust former CEO Jerry Yang from the company's board.

Yahoo shares ended the week down 24 cents, or 1.55%, at $15.24.

Tech earnings rumble on next week, with managed hosting specialist Rackspace ( RAX) reporting its third-quarter results after market close on Monday. Networking giant Cisco ( CSCO), however, will be the big headline-grabber, posting its first-quarter numbers on Wednesday.

-- Written by James Rogers in New York.

>To follow the writer on Twitter, go to

>To submit a news tip, send an email to:

If you liked this article you might like

How to Balance the Short and Long-Term Views of Groupon

How to Balance the Short and Long-Term Views of Groupon

Dow Soars Over 250 Points to Post Its Fourth Straight Day of Gains
Inflation, Chipotle, Credit Suisse and Sam's Club - 5 Things You Must Know

Inflation, Chipotle, Credit Suisse and Sam's Club - 5 Things You Must Know

Will Inflation Set Stocks' Hearts Aflutter or Be a Poison Arrow? -- Market Recon

Will Inflation Set Stocks' Hearts Aflutter or Be a Poison Arrow? -- Market Recon

The Really Big Money Rushes to Super Bowl

The Really Big Money Rushes to Super Bowl