Facebook IPO Steals Show: Tech Weekly
Soros, 81, cut his stake in Apple during the first quarter, from 95,000 shares to 40,000. Renaissance trimmed its Apple holdings from 1.28 million shares to a bit more than 736,000.
Speaking at the Ira Sohn conference on Wednesday, Greenlight Capital's Einhorn said that Apple is "misunderstood" and could be the world's first $1 trillion company.
The misunderstanding is that Apple is not a hardware company, but rather a software company, Einhorn said. The company's value lies not within the iPhone or iPad, but within iOS, iCloud and the App Store, he added.
Shares of Apple closed down 6.41% for the week at $530.38.
Groupon(GRPN) reported stronger-than-expected first-quarter earnings on Monday, sending shares higher, as worries over the firm's business model subsided somewhat.
The Chicago-based e-commerce company reported first-quarter earnings of 2 cents a share on $559.3 million in revenue. The average estimate of analysts polled by Thomson Reuters was for a profit of a penny a share on revenue of $530.6 million. Revenue jumped 89% year-over-year, thanks in part to strong international growth, which grew 102% over the same period.
Groupon said it expects second-quarter revenue to be between $550 million and $590 million. The current consensus estimate is for revenue of $558.7 million.
Shares gained 16.97% during the week to close at $11.58.
HP's enterprise services group is expected to see a workforce reduction of 10,000 to 15,000 people. The company may be able to offer early retirement packages to several thousand of the workers, Bloomberg said.
Shares of HP closed the week down 7.3% at $21.46.