phone manufacturer

Once again, Apple has convincingly demonstrated that good things come in small packages. Thanks largely to a terrific sales quarter for the iPhone, Apple bucked the grim economy by posting a remarkable 26 percent increase in profits for the fourth quarter.

In a telephone conference announcing the news, Apple Chief Financial Officer Peter Oppenheimer said the company's entire product line is strong.

Longtime PDA and phone manufacturer Palm had a rough day Friday. Although the stock exchange rose sharply in the wake of news that the U.S. government was stepping in to stabilize the financial markets, Palm's stock fell nearly eight percent, to $7.83.

The drop was driven by the release of Palm's fiscal first quarter results. The company said its revenue rose less than two percent, to $366.9 million, while its quarterly loss rose to $41.9 million, or 39 cents a share.