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NEW YORK. (
Apple(AAPL - Get Report) was once again one of tech's biggest winners on Tuesday, hitting yet another all-time high on an otherwise downbeat day for tech stocks.
Shares of the tech giant briefly reached $632.21 during the day's trading, before pulling back slightly to close at $629.32. Apple shares have climbed more than 55% this year, boosted by strong quarterly results, a successful iPad launch, and, more recently, a flurry of analyst price hikes.
Apple hit another all-time high on Tuesday.
Research In Motion(RIMM), however, plunged more than 9% on Tuesday after
media reports that the company has been slammed with a patent lawsuit by Dutch firm
Shares of RIM plunged $1.36, or 9.46%, to $13.01 during Tuesday's trading.
"RIM typically declines comment on litigation," explained a spokeswoman for the Canadian firm, in an email to
TheStreet. NXP has not yet responded to
TheStreet's request for comment on this story.
Cisco(CSCO - Get Report) was another of the tech sector's laggards on Tuesday, falling 29 cents, or 1.37%, to $20.82 after CEO John Chambers warned that public sector spending will remain weak. Speaking at a Wells Fargo event, the Cisco chief said that public sector spending will "get tougher before it gets better", according to a
CNBC news report.
The Nasdaq closed down 0.2% on Tuesday as the
Federal Reservedownplayed the chances for more quantitative easing.
Written by James Rogers in New York.
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