Updated from 11:24 a.m. EST to include information on Groupon in the sixth paragraph and updated share prices.
NEW YORK (
Research In Motion
( RIM) shares climbed 1.51% to $7.40 despite the company's disappointing
Barbara Stymiest, chairwoman of RIM's board, acknowledged the investor concerns that have seen the company's stock plunge almost 50% this year. "The company's performance this year has not met expectations," she said. "We understand that shareholders are frustrated."
shares fell despite
analyst Steven Milunovich initiating coverage on the iPhone maker on Tuesday. He rates Apple shares "buy" with a $740.00 price target.
"The pattern in four of the last five iPhone introductions is for the stock to consolidate before and after the intro then take off. Although earnings growth should slow, the low valuation suggests more price upside if Apple beats estimates," Milunovich wrote in a note to clients.
Apple shares dipped 0.62% on Wednesday to $604.43.
reached an all-time low of $7.72 on Wednesday before closing at $7.77. Shares have fallen about 70% since its initial public offering in November.
Citi Research analyst Mark Mahaney cut his price target from $22 to $19 in an Internet earnings preview note. Mahaney expressed concern about European exposure for Groupon and several large cap Internet stocks, but lowered his price target primarily on gross margin concerns.
have soared 19.21% since CEO Reed Hastings announced that subscribers
over 1 billion hours of content in June.
Netflix continued to jump on Wednesday, rising 1.76% to $81.64.
--Written by Nathalie Pierrepont in New York.
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