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iPhone 5 Steals Show: Tech Weekly

Tickers in this article: FB PANW GOOG HPQ AAPL

NEW YORK ( TheStreet) -- After Amazon (AMZN) had its moment in the sun last week with the launch of several new Kindle products, this week was all about that other "a" company: Apple (AAPL) .

Apple showed off its iPhone 5 on Wednesday, with TheStreet in attendance to live-blog .

The iPhone 5 has a 4-inch screen, sets a new thinness standard at 7.6 millimeters, and weighs just 112 grams. The smartphone also comes with Retina Display and runs on 4G or Long Term Evolution (LTE) networks from AT&T (T) , Verizon (VZ) and Sprint (S) .

Other iPhone 5 features include a new custom processor chip, the A6, which is 22% smaller than its predecessor, allowing Apple to save a lot of space inside the phone.

TheStreet's James Rogers had positive first impressions of the device, which is set to officially go on sale Sept. 21.

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Apple put the phone up for pre-order at 12:01 a.m. PST Friday on its Web site, and it sold out almost immediately.

Every model of the phone was gone within an hour, according to Apple's Web site. Customers can still get their phones through Verizon, AT&T, and Sprint's sites, though sources at Verizon said they were dealing with higher-than-normal online volume, leading to some delays.

Shares of Apple traded as high as $696.98 -- near an all-time high -- Friday and rose almost 1.6% on the week to close at $691.28.


Even companies not announcing new gadgets were affected by Apple this week. Apple approved Google's (GOOG) new YouTube app for the App Store this week. This follows an announcement from Apple earlier this year it would no longer make the app standard on its operating system.

Apple said last month that the license deal between the two companies had expired, but many believed it was more than that given the history between the two tech titans.

Prior to his death, former Apple CEO Steve Jobs vowed to show Google's Android operating system as a copycat of iOS and use all of the company's cash to defeat it. "I'm willing to go thermonuclear war on this," Jobs told his biographer, Walter Isaacson, before he died.

The new app allows users to find videos and channels easier using voice search and query auto-complete. Viewers can also watch all of YouTube's video catalog, including official music videos, something they were not able to do before. Sharing is also easier with the new app, allowing users to post videos to Facebook, Twitter, and Google+.

Google shares gained 0.5% this week to $709.68.


Google was not the only company to be affected by Apple this week. Perhaps as a result of Apple's dominance, HP (HPQ) announced it would be adding an additional 2,000 job cuts to its previously announced 27,000, bringing the total amount of its workforce reduction to 29,000.