Tech Winners & Losers: RIMM

Updated from 2:33 p.m. with new stock prices

Tech stocks took a sharp turn lower Thursday, led by BlackBerry maker Research In Motion(RIMM Quote - Cramer on RIMM - Stock Picks), which stunned investors with a miss on its first-quarter results.

RIM lost $18.88, or 13.3%, to $123.46 after the company missed first-quarter analysts' estimates as expenses spiked and offered mixed guidance for the current quarter.

Net income for the first quarter was $482.5 million, or 84 cents a share, compared with a net income of $223.2 million, or 39 cents a share in the same quarter year before. Revenue for the quarter rose 107% to $2.24 billion from $1.08 billion a year ago. Analysts were expecting revenue of $2.27 billion and earnings of 85 cents a share.

Shares of Oracle(ORCL Quote - Cramer on ORCL - Stock Picks) were down $1.13, or 5%, to $21.42, a day after the company reported its strong fourth-quarter results but offered a weak outlook. Oracle is seen as unlikely to repeat its blockbuster results in the current quarter, leading to the selloff.

Smartphone maker Palm(PALM Quote - Cramer on PALM - Stock Picks) was down 30 cents, or 4.4%, to $6.54 ahead of the company's fourth-quarter results. Analysts are expecting a loss of 18 cents a share on revenue of $301.1 million, compared with earnings of 17 cents a share on revenue of $401.3 a year ago. For the current quarter, analysts expect to see a loss of 12 cents a share on revenue of $330.17 million.

Micron Technology(MU Quote - Cramer on MU - Stock Picks) was down 53 cents, or 7%, to $7 ahead of the company's third-quarter results. Analysts are expecting a loss of 28 cents a share on revenue of $1.47 billion, compared with a loss of 29 cents a share on revenue of $1.29 billion, the year before.

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