Apple, RIM: Tech Winners & Losers
NEW YORK. (TheStreet) -- Apple(AAPL) was once again one of tech's biggest winners on Tuesday, hitting yet another all-time high on an otherwise downbeat day for tech stocks.
Shares of the tech giant briefly reached $632.21 during the day's trading, before pulling back slightly to close at $629.32. Apple shares have climbed more than 55% this year, boosted by strong quarterly results, a successful iPad launch, and, more recently, a flurry of analyst price hikes.
|Apple hit another all-time high on Tuesday.|
Shares of RIM plunged $1.36, or 9.46%, to $13.01 during Tuesday's trading.
"RIM typically declines comment on litigation," explained a spokeswoman for the Canadian firm, in an email to TheStreet. NXP has not yet responded to TheStreet's request for comment on this story.
Networking giant Cisco(CSCO) was another of the tech sector's laggards on Tuesday, falling 29 cents, or 1.37%, to $20.82 after CEO John Chambers warned that public sector spending will remain weak. Speaking at a Wells Fargo event, the Cisco chief said that public sector spending will "get tougher before it gets better", according to a CNBC news report.
The Nasdaq closed down 0.2% on Tuesday as the Federal Reserve downplayed the chances for more quantitative easing.
--Written by James Rogers in New York.
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