Wall Street Beat: Tech shares hit by slump

17.06.2011

The bottom line for RIM is that as Apple's iPhone and devices built on Google's Android OS gain traction even with professionals, the aging BlackBerry line appears to be losing out.

RIM, however, was not the only tech loser Friday. Some of the biggest tech sector leaders, including Intel, Google and Apple, were also trading down Friday afternoon. These tech companies all have some exposure to the consumer market and retail climate. On Tuesday, Best Buy, the largest consumer electronics retailer in the U.S., reported that for its latest fiscal quarter ending May 28, .

Despite fears that a slowing economy will dampen consumer spending, not all tech leaders are being hit equally. Vendors with strong portfolios for enterprise customers such as IBM, Oracle and Microsoft were trading up Friday afternoon.

Recent trends for enterprise spending still bode well for the corporate IT sector. Sales in the global systems-management software market jumped 8.2 percent to $7.3 billion in the second half of 2010, according to .

Among the top 10 vendors, five (Microsoft, Hitachi, NEC, VMware and Symantec) achieved double-digit year-over-year growth rates globally.