The iPhone rules… and its competitors sink
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Several hours after its public introduction, the iPhone halo effect looks very similar to the iPod one. When Apple shares hit their all-time high level of $93 (before loosing a bit due to the Cisco lawsuit over the iPhone trademark), established competitors like Palm and RIM sink.
Right after the Steve Jobs’ keynote, Palm’s shares were down by 6%, falling from $14.75 at midday yesterday to $13.92. RIM shares were even more badly hit, loosing 7.8%.
Cellphone makers also lost some feathers. Nokia considered the iPhone design as “an interesting product” but “lacking a few essential features, such as 3G” through Anssi Vanjoki, the head of its multimedia unit. But the iPhone also impacted on its shares, dropping from $19.6 to $18.6. Same thing for Motorola.
Jan 11, 2007 | By Nuno
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