Apple Rumors; LinkedIn Leaps: Tech Weekly
NEW YORK (TheStreet) -- Last week was a busy one for tech earnings, with companies such as Apple(AAPL) and Facebook(FB) reporting. This week saw positive reports from LinkedIn(LNKD) , Cirrus Logic(CRUS) and Yelp(YELP) .
Cirrus Logic, which makes parts for the iPhone and iPad, gave a strong outlook for the rest of the year, which sent shares soaring.
For the company's fiscal second quarter, which ends in September, Cirrus forecast revenue between $170 million and $190 million. The high end of the range is significantly more than the $171.8 million analysts are expecting.
The Austin, Texas-based company reported earnings of 22 cents and revenue of $99 million in the latest quarter. On average, analysts polled by Thomson Reuters had forecast EPS of 21 cents and revenue of $100.9 million.
Cirrus Logic shares briefly touched a new 52-week high of $38.42 before closing the week up 31% at $37.98.
Even though Apple reported last week, the tech giant remained in the news for a variety of reasons.
The iPhone 5 is reportedly already being tested in the "wild," even though reports say it won't be available until mid-September.
There were reports last weekend that Apple had held discussions with Twitter. But an Apple investment or acquisition of the social networking site seems highly unlikely, because Apple previously has said it does not need to own a social network.
There were also rumors all over the Internet and Twitter about the iPhone 5 costing $800 (it's unclear whether that was a subsidized or unsubsidized price), but analysts were quick to debunk them.