Apple iPhone 4: Weekly Tech Wrap

Apple's iPhone 4 'press conference' and Intel moved the market this week. Here's a roundup of <I>TheStreet's</I> top tech stories.
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NEW YORK (TheStreet) -- The 3.6 earthquake that hit Washington D.C. Friday morning wasn't enough to shake the impact of Apple's (AAPL) - Get Report own product spill, which culminated later in the day with an iPhone 4 press conference.

Steve Jobs and Co. admitted that "we're human," yet left a lot of questions unanswered

as they discussed a

"fix" to the iPhone 4 antenna problems

. Unhappy iPhone users will receive free cases or a full refund, but investors won't get an apology.

"To investors, you know, you invest in the company we are, so if the stock goes down $5 ... I don't think I owe them an apology," Jobs said during the conference.

At the end of the event, Apple shares were climbing by 0.27% to $252.14; the stock was still inching upward 0.02% to $250 during after-hours trading Friday.

We still don't know when


(INTC) - Get Report

will find its way inside smartphones, but the company followed through with its eight-year run of reporting above-consensus second quarter results. In fact,

Intel saw its best quarter ever

, reporting revenue of $10.8 billion, up from $8 billion during the same period last year and above analysts' estimates of $10.25 billion.

Intel's beat bolstered most of tech for the week, although chief chip rival


(AMD) - Get Report

, which posted a narrower loss over last year, saw shares fall Friday 0.5% to close at $7.37. Notes from Wall Street analysts Friday took a cautionary tone toward the company, which is dealing with production delays of its new Fusion graphics processor.

Intel stock closed down about 50 cents on Friday at $21.02.

Less dazzling than Intel's earnings performance was


(GOOG) - Get Report

. Faced with lower ad volume due to weak business in Europe,

Google posted earnings

of $6.45 a share, up from the $5.36 a share level a year ago but below the $6.52 profit analysts were looking for.

The company continues to dominate the ad search business and its Android-powered smartphones have given Google new advertising revenue streams, but investors are waiting for the search giant's next big thing.

Back on the smartphone upswing,



shares saw a week-long rally thanks to its Droid X launch, which hit


(VZ) - Get Report

stores Thursday. Timing of the

Droid X launch was spot on

, hitting the market at a time when supplies of the other Big 3 smartphones -- the iPhone 4, the


EVO and the HTC Incrdible -- are sold out.

Despite the long lines at Verizon stores that seemed promising for the acceptance of the Droid X, Motorola shares closed down Friday 2.85% to $7.50

Tech's week ahead

On Monday, watch for our report of bellwether


(IBM) - Get Report

second-quarter results, which hit after market close. Wall Street expects strong numbers from the tech giant, and investors will be watching to see whether the company continues its recent software momentum.

IBM, which recently strengthend its long-term guidance, expects to generate 49% of its profit from software by 2015, up from 42% last year. Analysts surveyed by Thomson Reuters expect IBM to bring in second-quarter revenue of $24.17 billion and earnings of $2.58 a share, compared to $23.3 billion and earnings of $2.32 a share in the prior year's quarter.

Dial up


on Tuesday, which will be packed with Apple coverage. Our tech team will live-blog Apple's quarterly earnings, which are set to fly around market close. The iPhone 4 maker has likely said all it has to say about the phone's recent antenna problem, but expect analysts to try and wheedle out as much information as they can.

--Written by James Rogers in New York

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