BlackBerry's Gain, Apple's Drain: Tech Winners & Losers

(Updates from 2:30 a.m. ET with closing information.)

NEW YORK ( TheStreet) -- BlackBerry ( BBRY) shares were a standout performer Monday, tacking on 3.09% to $14.20 following several positive comments from analysts ahead of the smartphone maker's earnings.

UBS analyst Amitabh Passi, who rates shares "neutral" with a $13 price target, raised his earnings estimates for the upcoming quarter, and now expects BlackBerry will earn 10 cents a share on $3.37 billion in revenue, up from break-even previously. He expects 3.7 million BlackBerry 10 smartphones to be shipped in the quarter, with 6.3 million smartphones shipped overall.

"With the channel having being drained quite aggressively over the past 8 quarters, we expect inventory to trend up this quarter and working capital to be a source of cash," Pass wrote in a note. "We also anticipate operating expenses to rise driven by more aggressive marketing and sales activities, though recognize this is a lever in management's control (management guided marketing expenses up 50% q/q)."

William Blair analyst Anil Doradla expects BlackBerry to ship 9 million smartphones this quarter, with at least 3.3 million of them being BlackBerry 10 devices. He expects BlackBerry to earn 13 cents a share on $3.55 billion in sales.

"We expect a two-quarter uptick in BlackBerry's hardware sales, based on the phased global launch and pent-up demand from a portion of BlackBerry's 75 million-plus subscribers," Doradla wrote in a note. "With Q10 in particular, we believe we are witnessing a BlackBerry 10 refresh cycle."

Analysts polled by Thomson Reuters expect BlackBerry to earn 6 cents a share on $3.36 billion for the upcoming quarter. BlackBerry will report earnings before the market opens on June 28.

Apple ( AAPL) shares fell 2.93% to $401.38, and briefly dipped below $400 on concerns over iPhone sales.

Jefferies analyst Peter Misek lowered his price target to $405 on the Cupertino, Calif.-based tech giant, and lowered third- and fourth-quarter earnings estimates on higher-than-normal iPhone inventories. He now expects Apple to earn $7.02 a share on $36.6 billion in revenue in the calendar third quarter, and $10.58 a share in earnings on $48.3 billion in revenue during the fourth quarter.

"Our checks indicate broad-based iPhone build plan cuts, which followed our checks last week indicating retail/carrier smartphone inventory levels are at ~10 weeks (vs. typical 4-6)," Misek wrote in a note.

Conversely, BMO Capital Markets analyst Keith Bachman raised his price target, citing concerns over gross margins as being overblown. Bachman raised his price target to $450 from $435, and increased his fiscal 2014 earnings estimates to $42.08 a share. The BMO analyst expects Apple to earn $44.84 a share in fiscal 2015, and rates the stock a "market perform."

"We believe that the long-term trends of greater competition will pressure Apple's growth and/or margins in handsets," Bachman wrote in a note. "However, near term, we think gross margins will increase q/q, helped by the fact that Apple took a material warranty charge in the March quarter, which negatively impacted margins by almost 100 basis points. We would expect the stock to positively respond to favorable margin variance near term."

Tesla Motors ( TSLA) shares rose 1.69% to $101.23 following an article from Bloomberg that the electric car maker could become a viable merger candidate in a few years.

Google ( GOOG) was one name that was bandied about in the article. CEO Elon Musk has said before that an acquisition is "one of the possible outcomes, I suppose," though has said nothing is imminent.

Google shares were lower on the day, off 1.02% to $871.94.

Closing prices: BBRY ended Monday up 2.4% to $14.10, AAPL fell 2.7% to $402.54, TSLA rose 2% to $101.49 and GOOG finished down 1.3% to $869.79.

-- Written by Chris Ciaccia in New York

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