SHARE
Facebook X Pinterest WhatsApp

Palm, RIM Lead Tech Stocks Lower

Written By
thumbnail
Paul Shread
Paul Shread
Feb 23, 2010

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.

Salesforce.com (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.

Recommended for you...

U.S. Needs to Protect Tech Leadership: Qualcomm
Rob Enderle
Apr 8, 2022
HP’s ExtendXR Service Gets an Early Lead on a Looming Metaverse Problem
Rob Enderle
Mar 5, 2022
Cisco’s Purpose Is to Improve the World. Imagine if Others Followed.
Rob Enderle
Dec 17, 2021
HP Builds an Advanced Cloud Workstation for the Metaverse
Rob Enderle
Nov 13, 2021
Internet News Logo

InternetNews is a source of industry news and intelligence for IT professionals from all branches of the technology world. InternetNews focuses on helping professionals grow their knowledge base and authority in their field with the top news and trends in Software, IT Management, Networking & Communications, and Small Business.

Property of TechnologyAdvice. © 2025 TechnologyAdvice. All Rights Reserved

Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.