Cisco, H-P Tablet, Slate: Weekly Tech Recap

News about Cisco and H-P moved stocks this week. Here's a roundup of <I>TheStreet's</I> top tech stories.
Author:
Publish date:

NEW YORK (TheStreet) -- The talking heads of Cisco (CSCO) - Get Report and Hewlett-Packard (HPQ) - Get Report couldn't distract investors long enough to remedy tech stocks' bad week.

Tech watchers put lots of hope into bellwether

Cisco and its fiscal fourth quarter earnings

report Wednesday, but they seemed less than impressed when greeted with the company's cautious outlook.

Recognizing waning IT spending,

Chambers

said the decrease in customers' tech orders in late June and early July was "a mixed signal pattern that we haven't seen before."

Cisco CEO John Chambers

Cisco reported a nice profit and beat EPS by a penny, but it just missed revenue predictions, coming in at $10.84 billion instead of the $10.88 billion analysts wanted. "We had very good results with 27% growth in revenue for the quarter,"

CFO John Calderoni told TheStreet

. "But we did have a couple of weeks that really just signal that there is a little bit of concern in the overall environment with what's happening from an economic standpoint."

>>Cisco CFO Interview

Cisco's results, which sent its stock down 10%, had a domino effect for the rest of the sector, deepening the tech selloff and helping the

Nasdaq dive

by more than 65 points.

A barrage of analysts downgraded Cisco Thursday. On Friday, chip makers like

Broadcom

and

Marvell

(MRVL) - Get Report

felt the sting instigated by Cisco and saw their shares drop in intraday trading Friday.

> > Bull or Bear? Vote in Our Poll

Cisco's share price, down more than 11% since last week, closed flat on Friday at $21.36. Broadcom closed down nearly 3% to $31.93, Marvell closed down 1.02% to $14.51, and the Nasdaq shed 17 points to 2173.

After a tablet-developing hiatus, H-P's back in the game. "H-P is very excited about the slate category," an H-P spokesman said in an email to

TheStreet

late Friday. "H-P plans to use webOS from its recent Palm acquisition as well as Windows 7 from Microsoft for this category. WebOS products will span across smartphones, slates, netbooks and printers. Deployment of the Windows 7 slate will target the specific needs of select enterprise markets."

Friday's blogosphere chatter of H-P's slate device, code-named Hurricane and reportedly launching in the first quarter of 2011, was probably a welcome relief from the H-P headlines that dominated earlier in the week.

Since dismissing its

CEO Mark Hurd

,

H-P's board said it was surprised by Hurd's

attempts to defend his reputation,

Oracle

(ORCL) - Get Report

chief

Larry Ellison slammed H-P's board

for how it handled Hurd's resignation, a Connecticut law firm filed a

shareholder derivative lawsuit against H-P

and -- lastly -- the Department of Justice is asking H-P to provide internal records in an international bribery investigation.

Still no comment from

H-P

on when it expects to name its new CEO.

H-P's stock, which is down 3.35% since last week, gained 0.77% to close at $40.45 Friday.

Motorola

(MOT)

and Dell both crashed the new gadget department this week. The

Dell Streak finally launched

in the U.S. While sleek and intriguing for a tablet, the $300/$549

Dell Streak

, with a 5-inch screen, doesn't have much of a chance to be an iPad killer -- no one knows whether the Streak is supposed to be a big smartphone or a small tablet.

Motorola is continuing its successful Droid movement; it rolled out the

Droid 2

on Wednesday, a slider that offers twice the speed and memory of the original Droid phone.

Dell closed slightly up -- 0.17% -- Friday to $12.01 and despite good Droid 2 reviews, Motorola closed down nearly 5% to $7.64.

Lastly,

Research In Motion's

(RIMM)

new BlackBerry Torch quietly arrived at

AT&T

(T) - Get Report

stores this week, but lines around the block -- which existed for the Droid X, iPhone 4 and various other smartphones -- were virtually non-existent. While our tests conclude that the

BlackBerry Torch

will more than satisfy current BlackBerry users, it will be a while before RIM catches up with Apple or various Android partners in terms of innovation and consumer wont.

RIM closed down 1.42% at $53.40.

Tech's Week Ahead

Tune in Thursday to

TheStreet

, when we'll be live-blogging the results of a tech-heavy earnings day: H-P, Dell, Marvell and even small business supporter

Intuit

(INTU) - Get Report

all report quarterly earnings after the bell.

-- Written by James Rogers in New York.