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), 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) - Get Report

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) 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) - Get Report

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.

VMware

(VMW) - Get Report

shed $3.51, or 5.6%, to $58.67 after rival

Microsoft

(MSFT) - Get Report

said it has started selling its server virtualization software six weeks

ahead of schedule

.

Check Point Software

(CHKP) - Get Report

bucked the larger selloff trend and gained 19 cents, or 0.8%, to $23.86 after an analyst at Lehman Brothers upgraded the stock to overweight from equal weight on the belief that demand for the company's security products remain strong and Check Point is now selling higher-priced items and launching new products.