Well, so much for the rally for RIM stock. Morgan Stanley popped up and put an end to that in a hurry:
Investors appear to be taking the advice of Morgan Stanley analyst Ehud Gelblum, who this morning suggested they take profits because he believes the much-hyped BlackBerry 10 is doomed to failure. CNBC’s Jim Cramer did his part, reiterating his sell recommendation on Monday. The actions bring into focus that despite the recent bullish analyst reports grabbing investors’ attention, the Street is still overwhelmingly negative on RIM’s turnaround story.
The bad news didn’t end there:
But the biggest drag on the stock today appears to be a report from Kantar Worldpanel ComTech that found the BlackBerry’s market share in the U.S. has fallen to a tiny 1.6 per cent, as Apple Inc.’s iPhone continued to win over consumers with its new models.
The result? Predictable. The stock on the Toronto Stock Exchange is down 10%. It’s down a similar amount on the NASDAQ where RIM shares also trade.
Is it time for the fat lady to start singing? No. But whatever RIM has to show on January 30th better be stellar because the fat lady is warming up.
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This entry was posted on November 27, 2012 at 10:55 pm and is filed under Commentary with tags BlackBerry, RIM. You can follow any responses to this entry through the RSS 2.0 feed.
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RIM Shares Drop As Morgan Stanley Declares BB10 To Be “Too Late”
Well, so much for the rally for RIM stock. Morgan Stanley popped up and put an end to that in a hurry:
Investors appear to be taking the advice of Morgan Stanley analyst Ehud Gelblum, who this morning suggested they take profits because he believes the much-hyped BlackBerry 10 is doomed to failure. CNBC’s Jim Cramer did his part, reiterating his sell recommendation on Monday. The actions bring into focus that despite the recent bullish analyst reports grabbing investors’ attention, the Street is still overwhelmingly negative on RIM’s turnaround story.
The bad news didn’t end there:
But the biggest drag on the stock today appears to be a report from Kantar Worldpanel ComTech that found the BlackBerry’s market share in the U.S. has fallen to a tiny 1.6 per cent, as Apple Inc.’s iPhone continued to win over consumers with its new models.
The result? Predictable. The stock on the Toronto Stock Exchange is down 10%. It’s down a similar amount on the NASDAQ where RIM shares also trade.
Is it time for the fat lady to start singing? No. But whatever RIM has to show on January 30th better be stellar because the fat lady is warming up.
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This entry was posted on November 27, 2012 at 10:55 pm and is filed under Commentary with tags BlackBerry, RIM. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.