NEW YORK (AP) — Shares of handset makers advanced Wednesday after a bullish forecast for 2009 smartphone sales from the research firm iSuppli.
While iSuppli expects an overall decline in phone sales this year — with the recession sapping demand for consumer electronics — it estimates unit sales of mobile devices with more advanced operating systems and applications could grow as much as 11.1 percent.
Investors reacted positively, bidding up shares of major smartphone companies like BlackBerry maker Research In Motion (RIM) and iPhone creator Apple.
RIM shares climbed $3.04, or 8 percent, to $40.99, while Apple jumped $3.97, or 4.5 percent, to $92.34. Motorola, which makes the Q series of smartphones, saw shares rise 18 cents, or 5.4 percent, to $3.48.
Shares of Palm, maker of the Treo, hit a high of $7.90, up 7 percent, before tumbling into negative territory. The company said Tuesday it expects a sharp decline in fiscal third-quarter sales.