Research In Motion, Infosys: Winners & Losers
NEW YORK (TheStreet) - Research in Motion (RIMM) shares were up 5.6% to $16.48 after rumors swirled that the Canadian technology company had hired Goldman Sachs (GS) to help it explore "strategic alternatives."
Plagued by product delays, software problems, and customers not wanting their products, Research in Motion has struggled over the past year. As a result, the company has lost almost 75% of its market cap, as companies like Apple (AAPL) and Google's (GOOG) Android dominate the smartphone and tablet markets.
Sina (SINA) shares were up 5.2% to $60.47 after it received an upgrade from brokerage house J.P. Morgan.
J.P. Morgan upgraded shares to overweight from neutral, saying the regulatory concerns over its Twitter clone, Weibo, were overdone. "We maintain our view that Sina should continue to be the leading portal in China," analyst Dick Wei wrote in his research note.Infosys (INFY) shares were plunging 8.7% to $51.92 after the Indian information technology company reported third quarter earnings and gave guidance for the fourth quarter that was lower than Wall Street was expecting. Infosys, the Accenture (ACN) of India, reported earnings of 80 cents per share, versus estimates of 80 cents per share. The company expects to earn 81 cents per share in the fourth quarter, below the 83 cents per share estimate from Thomson Reuters. "The global economy, driven by slower growth in developed markets coupled with the European crisis, could impact the growth of the IT industry," CEO S.D Shibulal said in the press release. Interested in more on Infosys? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
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