Friday, April 29, 2011

RIM Plunges After Cutting Profit Forecast on BlackBerry Demand - Businessweek

More RIM perspectives

“The sales on their existing devices must have fallen off a cliff,” said Matt Thornton, an Avian Securities LLC analyst in Boston who has a “neutral” rating on the stock. “They are getting hit by a combination of a stale portfolio and heated competition on devices.”

RIM fell $6.17, or 11 percent, to $50.43 in late trading, after closing at $56.59 on the Nasdaq Stock Market. It has lost 2.7 percent this year as of today’s close.

RIM Plunges After Cutting Profit Forecast on BlackBerry Demand - Businessweek

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