Telecom & Wireless
Dissing RIM, Blessing Palm (RIMM, PALM)
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Research in Motion Ltd. (NASDAQ: RIMM) is not participating in this morning’s rally. This stock had a good week as shares closed yesterday at $41.46 after having traded under $36.00 on Monday. Research firm ThinkEquity has put a Sell rating on the stock over concerns about growing competition. Interestingly enough, Palm Inc. (NASDAQ: PALM) was upgraded this morning.
This is just an add-on to our fears that corporate layoffs are resulting in cuts to corporate technology spending. RIMM shares are down almost 2% at $40.65 in pre-market trading. As such, the 52-week trading range is $35.05 to $148.13.
Despite Palm Inc. (NASDAQ: PALM) having to negate the confusing statements of an Elevation partner about smartphone sales, Palm shares have hung in there. RBC took a prior “Sector Perform” rating up to a higher “Outperform” rating. More importantly, it took a $5.00 target up to $12.00. Palm is up 6% at $8.36 pre-market and its 52-week trading range is $1.14 to $9.51. This was trading at $6.00 on Monday.
Jon C. Ogg
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