Updated from 2:39 p.m. EST with new stock pricesTech stocks are modestly down Monday despite a stream of product launches from the largest consumer electronics show of the year as the broader market indices continued to be volatile. Sony ( SNE) gained 3.2% after the company unveiled new products and reported major gains for its Blu-Ray high-definition video format ahead of the Consumer Electronics Show in Las Vegas. The company reported that 1.2 million PlayStation 3 video game consoles were sold in North America during the holiday sales season. Sony said it will offer Skype, the Internet voice calling platform owned by eBay, on its PlayStation Portable handheld entertainment system. Sony was up $1.69 to $54.11. AT&T ( T) added 54 cents, or 1.3%, to $41.43 after Deutsche Bank called the stock its top large-cap pick for 2008 and rated it a buy with a $50 price target. "With an expected return to mid-single digit top-line growth and continued double-digit EPS growth, we believe new investors will be attracted to AT&T other than value investors," said the analyst in the report. NII Holdings ( NIHD), which through its subsidiaries including Nextel offers wireless communications services, rose 9.6% after the company named a new CEO and authorized an additional $500 million for a stock repurchase program. NII said Steven Dussek will join the company as CEO effective Feb. 11.
The company also said it exceeded its 2007 guidance for net subscriber additions and has completed its previously announced $500 million share repurchase program. NII was up $4.45 to $51.07. Business software maker Netsuite ( N) continued to trend down and was off $3.63, or 11.5%, to $28.06. The decline comes on the heels of a research note from Pacific Crest last week suggesting that the stock's current valuation leaves "little room for error" in terms of execution. Netsuite does not target the highest areas of growth in the on-demand software segment and its growth potential is not higher than that of its peers, said the analyst. The stock is now down nearly 35% from its peak shortly after the company's debut on the stock market on Dec. 20 Nokia ( NOK) fell 3.6% despite the company's announcement that its network division, Nokia Siemens Network, has signed a $935 million deal with a Saudi Arabia- based mobile phone operator to offer network operations support and maintenance over five years. Nokia also said that the high-end, N95 8GB, mobile phone from the company will now be available in the U.S. Shares of Nokia was down $1.30 to $34.68. XM Satellite Radio ( XMSR) fell 92 cents, or 7.2%, to $11.83 after the company said it has ended a marketing agreement with Starbucks ( SBUX) and will no longer broadcast the Starbucks XM Café channel.
Starbucks now has the right to sell $22 million in XM shares or less than 1% of XM's outstanding shares. If Starbucks does not recognize the $22-million from the stock sale, XM could be forced to make up the difference in cash. Starbucks was up 27 cents, or 1.5%, to $18.38. Meanwhile, shares of Sirius ( SIRI) drifted down 18 cents, or 5.8%, to $2.94 as regulatory approval for the $4.6 billion buyout of XM by Sirius remains elusive. Analysts were expecting regulators, looking into antitrust related issues because of the deal, to approve it by the end of 2007.