Palm Plunges, but Apple Leads Recovery

Shares of Palm (NASDAQ: PALM) tumbled on Thursday, but Apple (NASDAQ: AAPL) led the rest of the stock market back from a steep early decline.

Palm plunged 19 percent after the company sharply lowered its revenue outlook. The move came in the wake of analyst reports warning of soft smartphone sales at Verizon (NYSE: VZ).

The rest of the market plunged on worries about Greece and an unexpected spike in jobless claims, but then recovered most of its losses by the close after Apple’s shareholder meeting got under way.

Apple ended the day with a small gain, while the Nasdaq cut a more than 1.5 percent loss to 0.1 percent by the close. (NYSE: CRM) lost ground, down 2 percent after the company beat Wall Street estimates but lowered its earnings expectations.

Brocade (NASDAQ: BRCD) rebounded by 4 percent, but Yahoo (NASDAQ: YHOO) lost more than 2 percent despite news of a big investment by billionaire investor George Soros.

Smith Micro (NASDAQ: SMSI) soared 18 percent on its results.

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