NEW YORK. (

TheStreet

) -- Tech bellwether

HP

(HPQ) - Get Report

was the last of Silicon Valley's big hitters to report its results this earning season, posting its

first-quarter numbers

after market close on Tuesday.

The No. 1 computer maker comfortably beat Wall Street's profit estimate, but a disappointing outlook hammered the company's shares for the next two sessions.

HP, led by CEO Leo Apotheker, reported its first-quarter results on Tuesday.

Speaking during a conference call with journalists, HP executives noted ongoing weakness in the consumer PC market and said that they are working to improve short-term services signings.

"We have isolated areas that we want to improve," said HP CEO Léo Apotheker. "I am convinced that we have the core strength to deliver -- I am confident in our future."

HP, which competes with

IBM

(IBM) - Get Report

and

Dell

(DELL) - Get Report

, will provide more information on its long-term strategy during a major event in San Francisco on

March 14

, according to Apotheker.

The company's shares got a bounce on Friday, closing up 1.21% at $42.68, and analysts see

plenty of upside potential

in HP's stock, citing its strength in data center technology and the firm's global brand awareness.

> > Bull or Bear? Vote in Our Poll

Apple Shareholders' Meeting

Apple

(AAPL) - Get Report

held its annual shareholders' meeting at its Campus in Cupertino, Calif. on Wednesday. With CEO Steve Jobs out on his third

medical leave of absence

from the iPhone maker, succession planning was high on the agenda.

The company's investors, however,

voted down a proposal

that would have required the tech giant to reveal the

succession plan

for its next CEO.

The result marked a victory for the Apple board, which urged shareholders to nix the bid. In a regulatory filing earlier this year, Apple argued that the proposal, if implemented, would publicize Apple's confidential objectives and plans.

Apple also unveiled new products this week, debuting its

latest MacBook Pros

on Thursday. The devices are the first to feature the Thunderbolt high-speed connection technology that was jointly developed by Apple and

Intel

(INTC) - Get Report

, and also offer the FaceTime video calling feature found on the iPhone 4.

In other Apple news, Telecom Pragmatics analyst Sam Greenholtz said that the iPhone 5, due out sometime this summer,

will not be an LTE 4G phone

. "The next iPhone -- the iPhone 6 -- is an LTE version under development now with production aimed for a June/July launch next year," Greenholtz said, citing people close to the matter. Apple, however, did not comment, and

Verizon

(VZ) - Get Report

told

TheStreet

that it had "nothing to announce."

Apple shares ended the week up 1.54% at $348.16.

Juniper Touts Networking Revolution

Networking specialist

Juniper

(JNPR) - Get Report

took aim at archrival

Cisco

(CSCO) - Get Report

on Wednesday with the launch of its new

QFabric technology

, which it claims will significantly boost data center performance.

Part of a project code-named "Stratus," QFabric aims to speed up traffic on data center networks. Juniper launched the first of its QFabric products, its 10-Gbit/s Ethernet QXF3500 switch, and plans to debut two additional devices, the QF/Interconnect and the QF/Director, during the third quarter.

"We believe that we're offering this as a revolutionary step," David Yen, general manager of Juniper's fabric and switching business group, told

TheStreet

.

Juniper shares closed the week up 1.69% at $43.90.

Google's New Algorithm

Google

(GOOG) - Get Report

said on Thursday that it is

changing its search algorithm

to improve the rankings of high-quality sites, while pushing down low-quality sites. The search giant did not mention specific sites that it is targeting, but said it is attempting to reduce the visibility of sites that have "low-value add for users," "copy content from other Web sites," and "sites that are just not very useful."

Google shares ended the week up 0.2% at $610.04.

Motorola Xoom Hits the Shelves

Also on Thursday,

Motorola's

(MMI) - Get Report

Xoom tablet

hit the shelves

. Touted as one of the few big challengers to Apple's iPad, the Xoom is sold by

Best Buy

(BBY) - Get Report

and

Verizon

(VZ) - Get Report

, although

initial reviews

of the device have been mixed.

Motorola's stock closed up 0.62% at $30.61 on Friday.

OmniVision Surges On Blow-Out Results

Shares of mobile camera specialist

OmniVision

(AAPL) - Get Report

surged on Friday

on the strength of blow-out third-quarter results and bullish guidance.

The

Apple

(AAPL) - Get Report

partner, whose technology features

within the iPhone 4

, blew past Wall Street's estimates after market close on Thursday. OmniVision also offered up a positive outlook, saying that it expects adjusted earnings between 57 and 70 cents a share. Analysts had forecast fourth-quarter earnings of 45 cents a share.

Shares of OmniVision closed up 31.78% at $31.43 on Friday.

The Coming Week

All eyes will be on Apple again next week. The consumer tech giant is expected to debut its new

iPad 2

at a glitzy event at the Yerba Buena Center for the Arts in San Francisco on Wednesday.

--Written by James Rogers in New York.

>To follow the writer on Twitter, go to

http://twitter.com/jamesjrogers

.

>To submit a news tip, send an email to:

tips@thestreet.com