Apple was also the subject of several price target increases this week, with one analyst saying shares could reach $1,001 in the near future. Brian White of Topeka Capital Markets initiated coverage on Apple with a buy rating, noting that "Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend." White noted Apple's continued expansion into higher-speed devices, such as the 4G Long Term Evolution (LTE) iPad, and the eventual LTE iPhone, continued expansion in China, and the launch of an Apple-branded television set as the primary reasons for share price appreciation. On Tuesday, analysts at Piper Jaffray and J.P. Morgan also raised their price targets, as Apple shares rode the wave of positive analyst sentiment. Piper Jaffray raised its price target to $910 from $718, and said Apple will be the first company to have a $1 trillion market cap. "We believe shares of Apple will reach $1,000 in CY14, which would imply a roughly 1 trillion dollar market cap, the first in history," wrote Piper Jaffray analyst Gene Munster. J.P. Morgan hiked its Apple price target to $715 from $625 as a result of better-than-expected sales activity for the iPhone and iPad. > >> Bull or Bear? Vote in Our Poll
Apple's suppliers were also in the news this week, with Qualcomm ( QCOM) announcing a dividend hike. Qualcomm, which makes chips for the iPads and iPhones, as well as a host of other smartphones and tablets, announced on Tuesday that it will raise its quarterly dividend from 21.5 cents per share to 25 cents per share. The raise is effective June 20. Shares of Qualcomm gained 0.76% during the week, to close at $67.19.
Yahoo! ( YHOO) slashed its workforce on Wednesday, cutting 2,000 jobs in an effort to improve profitability and focus on its core businesses. In a press release, Yahoo! CEO Scott Thompson said, "We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. Our goal is to get back to our core purpose -- putting our users and advertisers first -- and we are moving aggressively to achieve that goal." Shares of Yahoo closed out the week lower, off 2.1% at $15.06.
Citing unnamed sources, CNBC reported on Thursday that Facebook will list on the Nasdaq exchange. The social networking giant hopes to raise $5 billion from its IPO, and is expected to go public in mid-May in the largest-ever tech offering. Interested in more on Yahoo!? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com