Thursday, June 26, 2008

RIM stock tumbles on TSX

RIM stock tumbles on TSXThree-month trading in RIM on the TSX

Shares in market darling Research in Motion plunged in Toronto on Thursday, a day after the company reported its first-quarter results.

The numbers reported Wednesday were large, with profit doubling, but still below market expectations.

RIM stock dropped $18.86, or more than 13 per cent, to $125.14 on the TSX. The stock fell $19.04 US to close at $123.31 on Nasdaq.

Although it only missed the consensus profit target by two cents — reporting 84 cents US a diluted share, compared with analysts' expectations of 86 cents — that may have been enough to spook investors.

Media reports also suggested the prospect of RIM's BlackBerry facing off with Apple's iPhone may have discouraged investors.

Even with the drop, however, RIM stock is still far above the 52-week low of less than $57 Cdn.



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