RIM/ARM share price story updated with closing prices.
NEW YORK (TheStreet) -- Tech stocks were a mixed bag Tuesday.
Research In Motion (RIMM) claimed the most excitement, as its stock surged almost 8% in early afternoon trading, before closing at $54.76. The rally was likely due to a number of factors, ranging from an analyst's M&A speculation to chatter about RIM's first tablet device, the PlayBook, which the company demoed for the first time Monday.
Fears about a delay in the PlayBook hitting the market seemed to be allayed by the demo, which took place in Los Angeles at Adobe's (ADBE) MAX developer show.The rise in RIM's price was the largest in nearly 10 months. Chinese search giant and Google (GOOG) rival Baidu (BIDU), which beat third-quarter EPS expectations by 5 cents when it reported last week, was also up Tuesday, rising 2.6% to close at $112.62. Baidu's stock has been on a tear, hitting a new 52-week high Monday on continued growth partly due to China's booming economy and Google's China pullback surrounding censorship issues. Investors also seemed pleased to hear that Baidu plans on greatly increasing its R&D and marketing budgets. Digital River (DRIV), which builds e-commerce sites for software publishers, was up 4% to close at $37.08 Tuesday after hitting a new 52-week high Monday. The under-the-radar web stock is riding a rally that hit Monday when the company announced above-estimates resutls for its third quarter. Digital River, which reported third-quarter EPS of 20 cents, beat Wall Street's estimates by 7 cents. Revenue came in at $85 million -- analysts were expecting $77.7 million. F5 Networks (FFIV) was up 4.8% to $107.03 in after hours trading, after the company beat Wall Street's fourth-quarter earnings estimates. The company reported EPS of 79 cents per share, ahead of analysts' estimates of 71 cents a share. On the flip side, U.K. chip maker ARM Holdings (ARMH), whose products power the vast majority of today's smartphones, closed down 4.4% to $17.54 despite reporting solid third-quarter earnings. ARM, which said that last quarter's profits rose 60%to $61 million -- up from $24.3 million last year -- also reported that operating costs rose 23% for the quarter. --Written by Olivia Oran in New York.
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