Wireless Rivals Hurt By IPhone; RIM Sinks On News
SAN FRANCISCO (Dow Jones) -- The latest hot gadget from Apple Computer, a multifunction wireless phone, appears to have caused a panic among investors in other wireless-device makers.
Stocks took a hit late Tuesday morning after Apple Chief Executive Steve Jobs introduced the iPhone during his keynote address at the Macworld trade show in San Francisco.
The device allows users to make phone calls, surf the Web, receive e-mail or listen to music. It also sports innovative user-interface technologies that forgoes a fixed keypad for a touch screen.
Research In Motion, maker of the popular BlackBerry device, saw its shares slip following the news. The stock was last trading down more than 6% at $133.05.
Rival smart-phone maker Palm also dipped, giving up more than 5.3% to trade at $13.97.
Larger wireless-phone makers held their ground better. Motorola was last trading off 12 cents at 18.48. European phone giants Nokia and Ericsson were each trading down a percentage point by midday.
(END) Dow Jones Newswires "
Posted to the site on 9th January 2007
