Following the introduction of the iPhone yesterday, Apple stock rose $7.10, or more than 8%, to end the trading day at $92.57 a share. Meanwhile, the stocks of smartphone makers Palm and Research In Motion (RIM) fell sharply, negatively affected by the iPhone. In the wake of its announcement, investors sold off shares of RIM, maker of the Blackberry line of devices, causing the stock to fall nearly 8%, or more than $11. Palm, maker of the Treo handheld, saw its stock drop nearly 6%.
iPhone Impact On Wall Street: Big Buying
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