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AAPL, NOK, PALM Shares Tumble As RIMM Ups Marketing, Notes Higher Component Prices
Posted on June 26, 2008
The sharp sell-off in Research In Motion (RIMM) shares today has sucked Apple (AAPL), Nokia (NOK) and Palm (PALM) down in its wake. There are two obvious reasons for that. One, RIMM yesterday said it plans to bulk up its spending on marketing; you can think of the stock today as Research In Marketing. The company said it will increase sales and marketing expenses by 28-30% sequentially in the August quarter, which is nearly twice the expected growth in revenues. RIMM is getting ready to launch its 3G Blackberry Bold, and the Street expects other new products to follow. Apple, of course, will s...
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