Tech Business Roundup: Nokia Illuminates, Apple Hits the Books
Nokia’s (NYSE:NOK) Lumia handsets seem to have made a strong start. They went on sale in November, and an analyst poll estimated that 1.3 million were sold globally by the end of the year. One analyst suggests half a million would have been a good goal, but the survey also forecast Nokia’s first quarter sales of Lumia would be roughly 3.2 million.
Don’t Miss: Lumia Sales to Lift Nokia.
Research in Motion (NASDAQ:RIMM) jumped following the resignation of its co-Chief Executive Officers. Deustche Bank’s Brian Modoff upped his rating to Hold from Sell. His price target is up $8 from $10 to $18. However, he cautions that much of the old structure of management is still of issue within new management.
Salesforce.com (NYSE:CRM) is working on its tools to help its clients analyze social networking traffic. In November, Salesforce introduced its Social Marketing Cloud product, which put it into direct competition with Constant Contact, Inc. (NASDAQ:CTCT).
Sirius XM Radio (NASDAQ:SIRI) dropped after Morgan Stanley lowered its rating to Equal Weight from Overweight. It warns of the Street’s 2012 subscriber growth forecasts may be too high and that some analysts have “an overly benign view of customer reaction” to SIRI’s recent price increase. SIRI preannounced it’s fourth quarter subscriber growth and shares have climbed 15% since then.
Apple’s (NASDAQ:AAPL) digital textbook initiative is off to a decent start. Global Equities Research estimates over 350,000 textbooks have been sold thus far, but they don’t expect a $15/book price tag to hurt publisher profits. McGraw-Hill Companies, Inc. (NYSE:MHP) also does not expect the price to hurt profits, thanks to a lack of reselling and lower production and distribution costs.
Investing Insights: Apple Analyst Cheat Sheet: How Wall Street Foresees Earnings.
Amazon’s (NASDAQ:AMZN) fourth quarter sales of it’s refreshed Kindle lineup could be bolstered by a January Pew survey of United States adults that found 19% claim to own a tablet, and an equal percentage claim to own an e-reader. Both figures are up from just 10% in December. The survey isn’t bullet proof, but it might also assist Apple’s (NASDAQ:AAPL) iPad sales. However, the survey did find e-reader ownership to have been down between May and August.
Oracle Corporation (NASDAQ:ORCL), Accenture Plc. (CAN) and others have already taken a hit from softening Eurozone IT spending. It would not be surprising to see some of the enterprise tech firms reporting over the next two weeks that they are observing similar weaknesses in the budget for third-party hardware, software and services. The International Data Corporation claims that Western European IT spending budgets are down far more than 2011 levels, following downbeat survey results.