I think my brother is probably right and that the iPhone will be of little concern to RIMM (the makers of Blackberry) the stock market felt differently today.
UPDATE COMMENT: My brother was also right in saying that far from staying in bed, investors should probably get up and buy RIMM (not sure about Palm). I don’t think that the iPhone is going to make a dent in the mass market of the guvmint and major corporations.
If your stock ticker symbol is RIMM or PALM, today would have been a good day to stay in bed. The trend noted in this Engadget post from 2 pm ET kept on going through the trading session, with Blackberry-maker Research in Motion losing nearly 8% on the NASDAQ and 7.7% on the Toronto exchange. Palm suffered nearly as badly, with Nokia and Motorola posting much smaller declines. For the homes of the Treo and the Pearl, “Black Tuesday” represented a total loss of market value approaching $2.2 billion dollars. Meanwhile, Apple’s one-button bounce on the day was a stunning $6.1 billion.
Seems that Wall Street got Steverino’s message loud and clear; he expects to take his 1% of cellphone market share right off the top, and he is definitely playing for keeps.
I’m guessing that this “Sponsored by Blackberry” ad button won’t be showing up on any more CNET videos, either.