Tech Weekly: RIM's Rocky Results
Story updated with new Nortel patent auction date.
Investors also balked at RIM's dismal outlook and news of headcount reductions, pushing the company's shares down 21.45% to $27.75 by Friday's close. Questions were also being asked about the effectiveness of the company's co-CEO management structure in the aftermath of the results.
|RIM's first-quarter results sent the handset maker's shares into a tailspin this week.|
IBM (IBM) was also in the news on Thursday, but for a very different reason, as the tech bellwether marked its centennial. The company's CEO Sam Palmisano celebrated the event by ringing the opening bell at the New York Stock Exchange, and IBM also released a book titled Making the World Work Better: The Ideas That Shaped a Century and a Company. Founded by Thomas J. Watson Sr. in 1911, IBM is now one of the world's best-known tech brands, bringing in revenue of $100 billion a year. IBM's shares ended the week up 1.09% at $164.44.
The tech sector's run of IPOs continued this week, with online music specialist Pandora Media (P) making its debut as a public company on Wednesday. Pandora's shares surged more than 63% in their market debut, as strong investor interest in the social media sector continued. But while the stock hit $26 at one point during morning trading -- which valued the company at more than $4 billion -- shares later fell to close at $17.42, and also sold off sharply on Thursday. Pandora's stock added 1.1% on Friday to finish the week at $13.40.
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