Solid day for tech stocks not named RIMM
Overall, Monday was a good day for technology stocks, with the CNET Tech Index and Nasdaq up around 4 percent. Research In Motion was the exception.
Research In Motion was a big loser in an otherwise positive day for tech stocks after it was the subject of a research note authored by a pessimistic financial analyst.
James Faucette of Pacific Crest Securities rained on RIM's parade with a research note Monday suggesting that October sales of RIM's BlackBerrys have been less-than-impressive, causing the stock to plunge $5.10, or 8.64 percent, to close at $53.91 on the Nasdaq stock exchange. The note also comes a day before of around 5 million units during the past quarter.
Motorola was up 8 percent onis getting closer to reality, and Time Warner was up 9 percent on , which could force the struggling search company into a deal with Time Warner's AOL division. Yahoo itself was down slightly, just 0.31 percent.
After the bell,that its first-quarter profit would be well below expectations, sending its stock down 6.6 percent in after-hours trading.
Most stocks on the CNET Tech Index were positive, with an overall increase of 4.13 percent on the day.
In the broader markets, the Nasdaq rose 58.74 points, or 3.43 percent, to 1,770.03. The Dow Jones Industrials rose 413.21 points, or 4.67 percent, to 9.265.43 while the S&P 500 rose 44.85 points, or 4.77 percent, to 985.40.