Research In Motion Gains on Speculation Icahn May Buy Stake |
| BusinessWeek - Sep 27, 2011 |
Research In Motion Ltd., the maker of the BlackBerry smartphone struggling to revive falling sales, rose 4.5 percent on speculation that activist investor Carl Icahn is buying a stake in the company.
“This is a typical Carl Icahn scenario to come in and change,” said Sameet Kanade, an analyst at Northern Securities Inc. in Toronto who recommends investors sell the stock. “If he did this though, it would have to be on a hostile basis, given that the two co-CEOs own 11 percent of the stock.”
RIM has plunged 61 percent on the Nasdaq this year after earnings missed analysts’ estimates on slumping demand. Stung by customer defections to Apple Inc.’s iPhone and handsets that run on Google Inc.’s Android platform, RIM’s share of the global smartphone market fell to 12 percent last quarter from 19 percent a year earlier, according to Gartner Inc.
Read Full Article from BusinessWeek
- Posted: 2011-09-27 16:10:37
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