NEW YORK. (
) -- Tech bellwether
was the last of Silicon Valley's big hitters to report its results this earning season, posting its
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
, will provide more information on its long-term strategy during a major event in San Francisco on
, according to Apotheker.
The company's shares got a bounce on Friday, closing up 1.21% at $42.68, and analysts see
in HP's stock, citing its strength in data center technology and the firm's global brand awareness.
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Apple Shareholders' Meeting
held its annual shareholders' meeting at its Campus in Cupertino, Calif. on Wednesday. With CEO Steve Jobs out on his third
from the iPhone maker, succession planning was high on the agenda.
The company's investors, however,
that would have required the tech giant to reveal the
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
on Thursday. The devices are the first to feature the Thunderbolt high-speed connection technology that was jointly developed by Apple and
, 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,
. "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
that it had "nothing to announce."
Apple shares ended the week up 1.54% at $348.16.
Juniper Touts Networking Revolution
took aim at archrival
on Wednesday with the launch of its new
, 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
Juniper shares closed the week up 1.69% at $43.90.
Google's New Algorithm
said on Thursday that it is
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,
. Touted as one of the few big challengers to Apple's iPad, the Xoom is sold by
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
on the strength of blow-out third-quarter results and bullish guidance.
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
at a glitzy event at the Yerba Buena Center for the Arts in San Francisco on Wednesday.
--Written by James Rogers in New York.
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