lackberry (BBRY) has been down more than 6% in early trading. The move lower follows a 17% plunge on Friday afternoon. Shares fell off a cliff as the company said it would report a quarterly loss of nearly a-billion dollars and lay off 4,500 workers. When you include Friday's losses, BlackBerry stock is down 38% over the last three months. All this is of course a sign that BlackBerry's Z10 and Q10 phones have failed to compete effectively with Android phones and the iPhone.
Speaking of the iPhone, Apple (AAPL) is up more than 4% in early trading. This stock also tumbled on Friday, opening up about $6 a share, but closing down nearly $5. The day brought the debut of the 5S and lower-cost 5C, both of which drew long lines at Apple stores worldwide. We are likely to get an announcement today that sales set a new record. Apple shares are now up 16% over the past three months, when the stock was bouncing off its recent bottom, below $400 a share. The stock remains down 15-percent in 2013.
Red Hat (RHT) is set to report earnings after the closing bell. The software maker is expected to post profits of 33-cents a share, up a nickel from a year ago on revenue that's risen $50-million to about $372-million. Red Hat stock is about 3% in the red since the start of the year, although it has climbed nicely in the last quarter.
- Information Technology