Stocks rallied on the first day of the fourth quarter as new fund inflows and rising hopes for further Fed rate cuts catapulted the Dow into record territory. "Given that Citigroup and UBS reported bad news yet the market still went up, the market is telling us is that all the bad news is already in there," said Douglas Peta, market strategist at J. & W. Seligman.
Handheld computer maker Palm posted a quarterly loss after sales of its Treo smartphones were hurt by Apple's iPhone and other devices. The company also lowered guidance for the current quarter.
The numbers are flying fast and furious today: Nokia snapping up GPS mapping leader Navteq for a staggering $8.1 billion. Many on the Street are scratching their heads at such a high valuation but wow, dig a little deeper and Nokia may have stumbled upon something that other handset makers missed, or weren't willing to pony up the cash to make something ambitious and forward-thinking really happen.
Nokia is buying U.S. navigation-software maker Navteq for around $8.1 billion, as the world's largest mobile phone maker continues to expand services and content.
There's no question, text messaging isn't just increasingly popular, it's increasingly useful to everyone from Universities (St. John's University used texting to alert the campus of an armed student) to city governments (NYC officials announced they'll begin testing "rapid-alert" programs, sending texts to New Yorkers cell phones).
Third-quarter corporate earnings are expected to show the weakest growth in five years, but a rebound is likely in the fourth quarter.
Intel said on Wednesday it had won a mobile WiMax chip order from the world's top cellphone maker Nokia, which will use its semiconductors in Internet-focused devices from 2008.
Blyk, the world's first fully advertising-funded mobile telecoms operator, launched in Britain on Monday in what is seen as a major test of the potential of advertising on mobile phones.
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Deutsche Telekom's mobile phone division, T-Mobile, will sell Apple's iPhone in Germany for 399 euros ($558) each, the companies said on Wednesday, but kept silent on details of the deal.
Nokia said on Monday it is buying U.S. cellphone screen advertising firm Enpocket as the world's top handset maker pushes into a market which is seen ballooning in coming years.
NTP, which won a $612.5 million settlement from the maker of BlackBerry last year, has sued four of the top U.S. mobile service providers for infringing eight patents related to wireless e-mail.
Wall Street is counting down to next week's Fed meeting and not much else is influencing trading. Stocks are readying for a higher opening as investors wait for a speech from Fed Chairman Ben Bernanke later this morning and watch the action at OPEC.
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Apple, which is widely expected to announce a new line of iPods on Wednesday, has managed to stay one step ahead of the competition--so far.
Apple's iPhone outsold all smartphones in the United States in July, its first full month on sale, accounting for 1.8 percent of all U.S. mobile handset sales, research group iSuppli said on Tuesday.
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Consumer electronics maker Sony introduced a new U.S. version of its Sony Walkman that includes the ability to play digital video, the latest potential rival to Apple Inc.'s dominant iPod media player.
Shares of Apple rose sharply after the company said it will hold a product launch next week, prompting speculation that a new line of iPods will be unveiled.
Nokia has asked authorities to bar imports into the United States of some Qualcomm chips and the phones that use them, saying they infringe five Nokia patents.