RIM, Apple and More: Tech Weekly

NEW YORK ( TheStreet) -- Another week has ended, and the tech world was fixated on Research In Motion ( RIMM), not only for its earnings, but also for its long-term prospects.

RIM's shares soared after the BlackBerry maker posted a much narrower-than-expected quarterly loss on Thursday, surprising many on Wall Street.

The Canadian firm reported a second-quarter adjusted loss of $142 million, or 27 cents a share, for its fiscal second quarter, on revenue of $2.87 billion. The performance was well ahead of the average estimate of analysts polled by Thomson Reuters for a loss of 46 cents a share on revenue of $2.5 billion.

Research In Motion's Q2 Report: Live Blog Recap

Even though the company handily beat expectations, many Wall Street analysts aren't ready to sound the "all-clear" signal just yet.

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Credit Suisse analyst Kulbinder Garcha said the quarterly results were OK, but that a turnaround is still a challenge, given the company's competitive position. "With an uncompetitive product portfolio and the need for further restructuring, we believe that there a few positives ahead for the company," Garcha wrote in his note. He rates shares "neutral" with a $7 price target.

Shares of Research In Motion closed out the week sharply higher, gaining 16% to $7.50.

Another beleaguered company, Barnes & Noble ( BKS), was at the forefront of tech this week, unveiling two new NOOKs, to go head-to-head with Amazon ( AMZN).

The new 7-inch NOOK will sell for $199, and the 9-inch tablet will go for $269. The 7-inch version of Amazon's Kindle Fire HD starts at $199, while the 8.9-inch model starts at $299. Already available for pre-order online and in stores, the devices will ship in late October and begin arriving in stores in early November.

"With the combination of the highest resolution screen, lightest weight and expansive access to content rendered in a digital quality never before seen, NOOK HD is the world's best 7-inch media tablet," Barnes & Noble CEO William Lynch remarked in the company's press release.

Shares of Barnes & Noble closed out the week 7.0% higher at $12.78.


The C-suite was in focus this week, with the likes of Tim Cook, James Gooch and Ken Goldman in the news.

On Friday Apple ( AAPL) CEO Tim Cook apologized for the poor mapping application the company released as part of iOS 6, its latest mobile operating system.

"At Apple, we strive to make world-class products that deliver the best experience possible to our customers. With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better," Cook wrote as part of the letter.

Shares of Apple fell 4.8% this week to close at $667.10.

Yahoo! ( YHOO) hired former Fortinet ( FTNT) CFO Ken Goldman to take over its top finance position. The Internet giant's current CFO, Tim Morse, is leaving the company.

"Tim has been a trusted leader for Yahoo! over the past three years and has expertly guided the company through some key periods as well as our most important strategic deals," said Yahoo! CEO Marissa Mayer, in the company's statement.

Shares of Yahoo! climbed 1.4% this week to close at $15.98.

RadioShack ( RSH) was in the news this week after its CEO, James Gooch, stepped down from the struggling retailer.

The company's board and Gooch have agreed that he will step down from his positions as CEO and director of the company, RadioShack announced on Wednesday. "We thank Jim for his service to the Company and wish him well in his future endeavors," wrote Daniel Feehan, RadioShack's nonexecutive chairman of the board in the press release.

Shares of RadioShack lost 19% this week to close at $2.38.

There was another major earnings report this week, with Red Hat ( RHT) missing Wall Street's earnings estimate by a penny.

The Raleigh, N.C.-based company earned 28 cents a share on revenue of $322.6 million for the three months ended in August. Analysts polled by Thomson Reuters were looking for earnings of 29 cents on revenue of $322.2 million.

TheStreet spoke with CEO Jim Whitehurst after the results were announced. "This is a really good market for us," Whitehurst noted, in a phone interview. "There is relative uncertainty right now, so budgets are tight, and the basic cost saving stuff we do is working well in tight markets."

Shares of Red Hat closed the week 1.2% lower at $56.94.

Next week earnings season starts to kick into gear, and Zynga ( ZNGA) and Tripadvisor ( TRIP) are among some of the top tech companies planning to announce quarterly results.

Enjoy the weekend everyone.

Interested in more on Red Hat? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York.

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