RIM, Apple, Sirius: Tech Premarket
NEW YORK (TheStreet) -- Research in Motion(RIMM) shares crept up 0.27% to $7.31 before market open as investors responded to the latest business update from the troubled Canadian smartphone maker.
The stock tumbled 4.95% on Tuesday after RIM held its annual shareholders' meeting.
Speaking during the meeting, Barbara Stymiest, chair of RIM's board, acknowledged the investor concerns that have seen the company's stock plunge almost 50% this year.
"The company's performance this year has not met expectations," she said. "We understand that shareholders are frustrated."
RIM CEO Thorsten Heins also reiterated the company's desire to launch the much-delayed BlackBerry 10 in the first quarter of 2010. The technology will debut in January, Frank Boulben, RIM's new Chief Marketing Officer told The Washington Post.
Apple(AAPL) shares dipped 0.17% to $607.20 on Wednesday after UBS initiated coverage of the tech giant.
UBS kicked off its Apple coverage with a buy rating and $740 price target, citing the iPhone maker's growth potential and relatively low valuation. "Apple is creating a tech empire that likely has not reached its zenith," explained UBS analyst Steven Milunovich, in a note. "Future products may include a TV, learning assistant, and perhaps consumer robots."
Sirius XM(SIRI) was another gainer, rising 0.24% to $2.04. The satellite radio company was also one of the most active pre-market Nasdaq stocks on share volume of 168,922.
--Written by James Rogers in New York.
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