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RIM Updates Bold, Stock Drops

NEW YORK ( TheStreet) -- Research In Motion (RIMM) unveiled a new BlackBerry Bold, with a touchscreen, that will go on sale this summer.

The announcement came Monday, during the opening of RIM's BlackBerry World developers' conference in Orlando. The new Bold is the first BlackBerry to combine a physical keypad with a small, 2.8-inch touchscreen on the front of the phone.

RIM BlackBerry Bold 9900

RIM also introduced the BlackBerry 7.0 operating system, a name change for what was expected to be BlackBerry 6.1. The phone has a 1.2-megahertz processor, 8-gigabytes of memory and a 5-megapixel camera.

Investors didn't exactly applaud the new phone since it represents what's expected to be the end of the line for the BlackBerry operating system and the keypad-oriented design. Next year, RIM is expected to launch its QNX software on a new generation of tablets and phones.

RIM's warning of an earnings shortfall last week made the wait for a product turnaround all the more painful.

RIM shares, which have fallen 15% in the past two trading days as product delays and market share losses mount, were down about 1% to $48.15 Monday.

--Written by Scott Moritz in New York.

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