On Wednesday, MetroPCS ( PCS) and T-Mobile USA, the U.S. unit of Deutsche Telekom ( DT), announced their merger plan. The deal is expected to close in the first half of 2013, with the combined company using T-Mobile's branding. The new entity will have 42.5 million subscribers, according to a statement released by the two companies.

The following day, Bloomberg reported that Sprint ( S) is in the "early stages" of considering a counterbid for MetroPCS, as the company jostles to better compete against telecom heavyweights AT&T ( T) and Verizon ( VZ).

MetroPCS shares gained 8.0% for the week to close at $12.65 on Friday. Sprint finished the week down 5.8% at $5.20.

Zynga ( ZNGA) shares plunged in extended trading on Thursday as the social gamer gave a weak outlook.

The San Francisco-based firm announced preliminary third-quarter revenue between $300 million and $305 million. Excluding items, the company expects a result between break-even and a loss of 1 cent a share.

Analysts surveyed by Thomson Reuters were looking for the Facebook ( FB) partner to report break-even results on $275.9 million in revenue for the third quarter. For all of 2012, Zynga cut its previous projections for bookings and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).

Zynga's shares lost 12% for the week to close at $2.48.

Also on Thursday, Facebook announced that it has reached the milestone of 1 billion users.

"If you're reading this: thank you for giving me and my little team the honor of serving you," explained Facebook CEO Mark Zuckerberg, in a blog post.

Facebook shares dipped 3.6% during the week's trading to close at $20.91 on Friday.

-- Written by James Rogers in New York.

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