BlackBerry stock jumps 5.4 percent as investors return
Toronto, Dec 1 - Aggressive market posturing by the BlackBerry maker Research In Motion (RIM) after its recent tit-for-tat salvos with Apple seems to have fired the company's fortunes in the stock market. RIM shares shot up 5.40 percent on the Toronto Stock Exchange Tuesday to close at $63.25.
After sinking below $50 and languishing at those levels for weeks, RIM stock has picked up after reports that the sales of the latest BlackBerry Torch 9800 have zoomed in the US smart phone market which it once ruled.
The stock of the Canadian iconic company sank to below $45 in August after the newly launched Torch 9800 received less-than-expected response as iPhone and Android device sales zoomed past the BlackBerry in the US market.
Troubles with many countries, including India and the UAE, which threatened to ban the BlackBerry smart phone unless RIM shared its secure data with them for security reasons, also hit RIM stock.
But the unveiling of its tablet PlayBook and late positive response to the Torch 9800 have revived the company's stock which has now gained almost 40 percent from its lowest point in August.
As AT&T reduced the Torch 9800 price from $199 to $99 in early November, the sales of this latest BlackBerry smart phone have jumped up in the US market, making it the second best-selling smartphone on the AT&T network only after the iPhone.
The BlackBerry maker has also been served very well by a survey by ChangeWave Research which shows that 64 percent people say they are very satisfied with the Torch 9800.
Considering that the two previous smart phones - the BlackBerry Bold and the BlackBerry Curve - scored only 48 percent and 40 percent on the satisfaction levels, users have found the BlackBerry Torch to be the most satisfying device from the Research In Motion (RIM) to this day.
RIM's aggressive pre-launch publicity for its tablet PlayBook has also revived investors' confidence in the BlackBerry maker.
However, the stock of the Waterloo-based Canadian wireless giant has a long way to reach the levels of $150 which it touched just before the world was engulfed by the economic meltdown in 2008. (IANS)