Tech Stock Recap: RIM CRASHES, Facebook and Yahoo at the Shrink’s Office
Shares of Sony (NYSE:SNE) fell below ¥1,000 for the first time since 1980 in Tokyo trading Monday, dropping as much as 2.3 percent to ¥990 before coming back a bit. The firm has reported four consecutive yearly losses, dramatically affirming shareholders’ worries about weak earnings, says Takashi Watanabe at Goldman.
Don’t Miss: Facebook’s Strategy: Major RED FLAG?
Awww… Facebook (NASDAQ:FB) and Yahoo (NASDAQ:YHOO) are said by AllThingsD to be in discussions to get back together, that is, resolve their patent disputes, so their once close relationship might be rekindled. Significant cross-licensing of intellectual properties and deeper integration between the companies might be in the offing, if such a deal has any chance. However, reality is that FB is not anxious to cough up a large amount of cash, following its you-know-what, and its shares fell below $27 for a while on Monday. Indeed, the shares are initiated at Underperform, with a price target of $25, at Bernstein, which implies that it might be some time before investors regain their confidence over FB’s ability to cahs in on its present assets and those coming from future opportunities.
Sales checks made by James Faucette of Pac Crest confirm that Nokia’s (NYSE:NOK) Lumia phones continue to sell well, and it’s thought that both the Lumia 900 and 600 are doing well domestically, with Euro sales increasing month-to-month in May. However, more bad news for Research In Motion (NASDAQ:RIMM), as that firm is believed to have seen yet another month of slumping sales, which caused its channel inventory to rise for 6 to 8 weeks. Monday’s selloff of the latter’s shares to the single digits, might have to do with that news.
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