RIM stock hits 8-year low |
| Globe and Mail - May 3, 2012 |
Research In Motion Ltd.'s (RIM-T11.91-0.72-5.70%) stock has sunk roughly 15 per cent since the unveiling of its crucial BlackBerry 10 software on Tuesday morning, bringing the already battered stock below $12 to an eight-year low in Thursday mid-morning trading on the Toronto Stock Exchange.
Thorsten Heins, who took over as RIM's CEO in late January, showed off the device at the company's BlackBerry World conference in Orlando, Fla., on Tuesday. Despite the prototype device's sleek new software and enhanced functionality, RIM's stock dropped roughly 6 per cent on Tuesday, and continued falling through the week as the conference continued. Shortly before noon on Thursday, RIM shares were down more than 6 per cent again, around $11.90.
In 2008, RIM was worth more than the Royal Bank of Canada with a share price peaking around $148, but the gloom surrounding the company and the intense volatility in its shares have left it with a shriveled market capitalization of just $6.25-billion. After a huge delay was announced in December, new management has consistently hyped its next-generation BlackBerry 10 software and a fresh lineup of smartphones, which are due out later this year, as a key component of the company's turnaround strategy.
Read Full Article from Globe and Mail
- Posted: 2012-05-03 12:08:52
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