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Telecom & Wireless

Dissing RIM, Blessing Palm (RIMM, PALM)

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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