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TheStreet Open House

No. 1 Investor Buys RIM, News Corp., Cisco

Stocks in this article: YACKX NWSA CSCO BSYBY MSFT DELL NOK HPQ ORCL RIMM AAPL MMI

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The fund bought 1.5 million shares of Research In Motion (RIMM), initiating a stake worth $43.3 million during the second quarter, which is a 0.8% portfolio allocation.

The company is best known for being an early innovator of wireless-communications devices with its BlackBerry product line, but it has lost market share to Apple's (AAPL) iPhones and Motorola's (MMI) Android line of devices.

The Waterloo, Ontario-based company announced the layoff of 2,000 workers on July 25 as part of a "cost-optimization program," whereas Apple has been hiring staff.

Research in Motion has a market value of $13.1 billion and its shares have a forward price-to-earnings ratio of 4.7 versus the Standard & Poor's 500's 14.2.

It had an annual average earnings growth of 53.4% over the past five years, while its revenue grew from $300 million in fiscal 2003 to almost $20 billion in fiscal 2011.

But its shares are down 49% over the past three months and 57% this year. Over the past three years its shares have averaged an annual decline of 41%.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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