Tech Biz Recap: Facebook MIGHT Do Search, Apple’s iPhone 5 LAUNCH

Facebook (NASDAQ:FB) shares break $20 on Wednesday, in response to Mark Zuckerberg’s remarks, among which were strong hints that his company will build a search engine. In a likely reaction, Google (NASDAQ:GOOG) dipped and rebounded even as tech is up. However, if Facebook should become involved in search, Google’s gigantic user base would remain, along with billions in invested research and development, plus mountains of query data at its disposal. Separately, the latter has introduced Boutique in China, which is a local shopping application intended only for that country. This move represents the company’s attempts to obtain a larger portion of Chinese e-commerce ad spending.

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Shares of the base station amplifier maker Powerwave Technologies, Inc.(NASDAQ:PWAV) go through the roof, subsequent to its reaching a credit arrangement with private P-Wave Holdings that could save the former from bankruptcy. P-Wave makes a loan of $35 million to Powerwave, and will supply an additional $15 million in requested, and also will consider requests for as much as $100 million more. Through the loan’s terms, P-Wave receives warrants to buy 2.625 million Powerwave shares at 50 cents per share

Apple’s (NASDAQ:AAPL) iPhone 5 is officially announced. The device is 7.6mm thick and weighs a mere 112 grams, which makes it 18 percent thinner and 20 percent lighter than the iPhone 4S. As was anticipated, iPhone 5 has a 4-inch retina display, A6 processor, reportedly twice as fast as the A5, and 4G gigabyte LTE support. Also as expected, pre-orders for the iPhone 5 commence on September 14th, and shipments start on the 21st, all of which might allow Apple to post an impressive amount of fiscal fourth quarter sales.

Pandora Media (NYSE:P) shares spiked in late afternoon, as Apple announced an iTunes remake without a word concerning a new Internet radio service, which rumor in a Wall Street Journal report a few days ago tumbled Pandora’s stocks.

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