iPhone 5 Dominates: Tech Weekly
By Chris Ciaccia - 09/22/12 - 9:15 AM EDTTheStreet) -- Another week has come and gone, and Apple
Amid all the iPhone 5 hype, Apple's stock moved past the $700 mark Tuesday, as investors continued to flock to shares like ants at a picnic. Several analysts raised their Apple price targets this week, with some seeing as much as 20% upside in shares. One especially bullish analyst was Shaw Wu of Sterne Agee, who raised his price target to $840 from $820 while keeping a buy rating. "We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle," he wrote, adding later: "We continue to believe iPhone 5 will put a lot of pressure on competitors where it will incrementally capture a portion of customers attracted to Android/Windows smart phones with larger screens and/or 4G LTE wireless."
Wednesday saw the public release of Apple's new mobile operating system, iOS 6. Included in the new operating system are Passbook, an app for storing coupons, tickets and gift cards, and Apple Maps, which replaces Google
Even though a significant number of people praised iOS 6, one feature did not get a glowing response: Apple Maps. Many are disappointed at the information, accuracy, and data points available on Apple's new mapping application, when compared to Google Maps. It caused quite a media backlash, enough for Apple to respond on Thursday. "Customers around the world are upgrading to iOS 6 with over 200 new features including Apple Maps, our first map service," said Apple spokeswoman Trudy Miller. "We are excited to offer this service with innovative new features like Flyover and Siri integration, and free turn-by-turn navigation." "We launched this new map service knowing that it is a major initiative and we are just getting started with it," Miller added. "We are continuously improving it, and as Maps is a cloud-based solution, the more people use it, the better it will get. We're also working with developers to integrate some of the amazing transit apps in the App Store into iOS Maps. We appreciate all of the customer feedback and are working hard to make the customer experience even better."
Customers clamored for the iPhone 5, forming lines at Apple Stores around the globe, and Christmas in September at last arrived on Friday. Analysts are expecting massive sales this weekend at the iPhone 5 rolls out in nine countries, and 100 by the end of the year. Deutsche Bank analyst Chris Whitmore believes demand will be extremely strong, based on both a new form factor, as well as the Long Term Evolution (LTE) upgrade Apple included in the new iPhone. He raised his price target to $850. As soon as the iPhone 5 went on sale in Australia, it was torn down to see what chips were inside. Companies like Avago Technologies
Despite what the media wants you to believe, the week wasn't all about Apple. Believe it or not, there are other technology companies. On the earnings front, investors got results from Oracle
Oracle missed top-line estimates for its first quarter. The Redwood Shores, Calif.-based software giant generated non-GAAP earnings of $2.6 billion, or 53 cents a share, for the three months ended in August on revenue of $8.18 billion. The average estimate of analysts polled by Thomson Reuters was for the company to report a profit of 53 cents per share on revenue of $8.42 billion. Oracle shares lost 1.46% this week to finish at $32.47.
Earnings season kicks into high gear next week, with names like Research In Motion
Latest news from section
See all news From Tech