Research In Motion Limited (USA) (NASDAQ:RIMM) (TSE:RIM), Apple Inc. (NASDAQ:AAPL) and a number of other tech stocks are taking a beating today. RIM is certainly the worst of the troubled tech stocks today, losing more than 17 percent since the markets opened.
Shares of Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) are likely in trouble for two reasons in spite of the company’s better-than-expected earnings report last night. Analysts told Marketwatch shares of RIM are likely being affected by that same earnings report, which came with a note about the company’s expectation that the BlackBerry 10 will shift its business model and place the pressure on service pricing and revenue for the long term.
Another issue Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) is facing right now is a settlement with Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) that has just been announced. That settlement requires a one-time payment of an undisclosed amount from RIM to Nokia Corporation (NYSE:NOK) (BIT:NOK1V)(HEL:NOK1V), plus additional payments whenever RIM wants to use the company’s patents in the future.
Shares of Apple Inc. (NASDAQ:AAPL) have retreated more than 1 percent since the opening bell. The stock has been downgraded by several analysts in recent days.
Micron Technology, Inc. (NASDAQ:MU) has dropped 8 percent since the markets opened after reporting a larger-than-expected loss due to weak demand and pricing.
Other tech stocks seeing a decline today are Facebook Inc (NASDAQ:FB), which has fallen 3 percent since opening bell, Google Inc (NASDAQ:GOOG), which has shed more than 1 percent, and Hewlett-Packard Company (NYSE:HPQ) and Intel Corporation (NASDAQ:INTC), both of which are down 2 percent.
The NASDAQComposite Index also lost 1 percent, although it’s currently on track to end this week with a gain of 1 percent.