Apple Gains as Palm, RIM Fall
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A report that Apple (NASDAQ: AAPL) could strike an iPhone deal with Verizon (NYSE: VZ) reverberated throughout the tech sector today.
Shares of Palm (NASDAQ: PALM), Research in Motion (NASDAQ: RIMM) and AT&T (NYSE: T) fell on Wall Street today, as traders viewed them as potential losers in the deal, while Apple and Verizon both gained on the news.
Apple gained 1.5 percent to a new all-time high, while Verizon was up 2.6 percent. Palm lost 3.6 percent, AT&T 2 percent and RIM 1 percent.
Applied Materials (NASDAQ: AMAT) was another gainer, up 1 percent after raising its sales outlook.
Seagate (NASDAQ: STX) fell 4 percent in the wake of a BMO Capital downgrade.
ZST Digital Networks (NASDAQ: ZSTN) fell 15 percent on its results.
The Nasdaq, Dow and S&P ended the day with modest gains, as traders remained cautious ahead of Friday's monthly government jobs report. Economists expect a gain of nearly 200,000 jobs, which would be the best performance for the job market in more than two years. Temporary census hiring is expected to boost payrolls for the next few months.