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RIM Hit by Storm Concerns

Stocks in this article: RIMM

Updated since 11:07am EST with company coment.

NEW YORK ( TheStreet) -- Research In Motion (RIMM) shares slipped 2% Monday on concerns about demand for its BlackBerry Storm.

Investors and analysts said there was speculation among traders about a report that indicated orders for the Storm were cut or cancelled. The name of the research shop that produced the note wasn't immediately known.

Verizon (VZ) is the biggest seller of the BlackBerry Storm and presumably the telco that would be most likely to reduce its supply.

RIM declined to comment, and Verizon did not have an immediate reply.

Blackberry Storm2

RIM has had a turbulent history with its touchscreen Storm device at Verizon. The first version of the phone sold well, but many users were unhappy with the floating touchscreen and returned the device.

The latest version of the Storm has been seen as an improvement on the original, but finicky gadget fans have not found it as compelling as other touchscreen devices including the Apple (AAPL) iPhone and Motorola's (MOT) Droid.

The rumor of cancellations could also be a sign that Verizon is making room for a new device.

RIM, as TheStreet reported earlier this month, is expected to introduce two new phones this spring. One of the phones is expected to feature RIM's new Web-oriented, app-friendly operating system. This is an area where RIM has fallen behind in smartphones.

RIM shares were down $1.39, or 2% to $69.62 in morning trading Monday. -- Written by Scott Moritz in New York.

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