Facebook's Follies: Tech Weekly Recap

This follows last month's announcement by Facebook that it's purchasing Instagram, a social networking app, which has many of the same features as Facebook's just-launched app.

Shares of Facebook fell 16.5% this week to close at $31.91.

Investors punished Dell this week after the tech giant missed Wall Street's revenue and earnings estimates in its first-quarter results on Tuesday, citing a "challenging" economic environment.

Dell earned 43 cents a share on revenue of $14.4 billion during the quarter. This was down from last year, when the company earned 55 cents a share on $15 billion in revenue. Analysts polled by Thomson Reuters expected earnings of 46 cents a share on $14.91 billion in revenue.

Dell's second-quarter guidance was also weaker than Wall Street was expecting. Dell said it expects sales to come in between $14.69 billion and $15 billion. Analysts surveyed by Thomson Reuters are looking for sales of $15.42 billion.

Shares of Dell plunged 15.5% this week to $12.46.

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Shares of Hewlett-Packard moved higher on Wednesday after the PC giant reported better-than-consensus quarterly results and unveiled plans to cut a chunk of its workforce over the next few years.

The Palo Alto, Calif.-based company reported fiscal second-quarter non-GAAP earnings of 98 cents a share on $30.70 billion in revenue. Analysts polled by Thomson Reuters were looking for earnings of 91 cents a share on $29.91 billion in revenue.

HP also announced plans to cut 27,000 jobs, or 8% of its workforce, by 2014. Some 9,000 are expected to leave this year, CFO Cathie Lesjak said on the earnings call. The Dow component expects to save between $3 billion and $3.5 billion by the end of fiscal 2014 from the job cuts.

Shares of HP closed the week up 4% at $22.33.

I'll end on a quirky note this week. Tesla Motors(TSLA) CEO Elon Musk is not just into making fancy cars that go really fast.