Handspring

(HAND)

was down 9.3% in early trading after

US Bancorp Piper Jaffray

downgraded it to buy from strong buy, sliced its earnings estimates and cut its price target to $32 from $110.

The brokerage also downgraded

Research in Motion

(RIMM)

, another maker of handheld devices, to buy from strong buy. Its price target was cut to $45 from $150. The brokerage cited the slowing economy.

Palm

(PALM)

, meanwhile, was up 2.3%. The company unveiled two new computers