|Apple hit another all-time high on Tuesday.|
NEW YORK. ( TheStreet) -- Apple ( AAPL) 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 rival 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 NXP Semiconductors ( NXPI). 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. Networking giant Cisco ( CSCO) 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 Reserve downplayed the chances for more quantitative easing. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.