Palm, RIM Lead Tech Stocks Lower

Tech stocks ended the day modestly lower on Monday, while Palm (NASDAQ: PALM) and Research in Motion (NASDAQ: RIMM) were among the sector’s bigger decliners.

RIM lost 2 percent on concern about BlackBerry Storm demand, while Palm shares shed 3 percent.

But the rest of the market ended the day down about 0.1 percent as traders fretted about Federal Reserve interest rate policy following a surprise rate hike from the Fed last week. Fed Chairman Ben Bernanke will testify before Congress on Wednesday and Thursday.

Oracle (NASDAQ: ORCL) was a big gainer, up 2 percent as rival SAP (NYSE: SAP) shed 1 percent. (NYSE: CRM) edged higher ahead of its quarterly results due out late Wednesday.

Symantec (NASDAQ: SYMC) lost 1.7 percent after Iron Mountain (NYSE: IRM) acquired email archiving firm Mimosa. Symantec has a substantial data storage and backup software business. EMC (NYSE: EMC), another big data storage software company, lost 0.6 percent.

NetApp (NASDAQ: NTAP) shed 2 percent.

After the close, Brocade (NASDAQ: BRCD) tumbled 10 percent after its sales missed Wall Street estimates.

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