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Facebook IPO Steals Show: Tech Weekly

Tickers in this article: FB GRPN INTC AAPL HPQ

NEW YORK ( TheStreet) -- Facebook's(FB) IPO came and went on Friday, amid mixed reviews.

Many were hoping for a massive pop, but shares opened trading at $42.05, after pricing at $38 per share. The offering raised more than $16 billion in the largest tech offering in U.S. history. Facebook and its existing shareholders sold 421.2 million shares in the offering.

The stock jumped up to $45 right away, then ran down to its pricing level of $38 but never went negative. Shares closed their first day of trading up 0.6% at $38.23 on 573 million shares.

Facebook also acquired e-commerce startup Karma following the close of trading on Friday.


Hedge funds filed their 13-F's this week, with a few of them cutting their exposure to technology stocks including Intel(INTC) and Apple(AAPL) .

Legendary value investor Warren Buffett cut his stake in Intel while adding some shares of IBM(IBM) during the first-quarter, his filing showed.

As of March 31, Buffett and his firm Berkshire Hathaway (BRK.A) held 7.745 million Intel shares, down from 11.495 million shares in the previous filing. Buffett added approximately 489,000 shares of IBM during the quarter.

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Apple was a mixed topic this week, with both George Soros and Renaissance Technologies paring their stakes in the Cupertino, Calif.-based technology giant, while David Einhorn talked up the company.

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(HPQ) is reportedly cutting 25,000 jobs, as it copes with slow demand for its products and services.