RIM's New BlackBerries -- D.O.A.
RIM hit a new five-year low Wednesday as the company announced its delayed new BlackBerry lineup.
The flailing Ontario tech shop introduced three phones -- an updated BlackBerry Torch, the long-awaited touchscreen Bold, and a touchscreen Torch with no keyboard. And the real kicker was the little detail about how the sales launch would begin later this month.
The late arrival punctuates what has been a jarring collapse this year of the formerly beloved BlackBerry maker. RIM missed a crucial turn in the smartphone market and management has been seen as ineffective in its response.The new phones will finally fill in a gaping product void for RIM. But the new BlackBerry 7 operating system can be seen as little more than a placeholder as the company and investors await the next generation of QNX devices that are aimed to compete more directly with leaders like Apple (AAPL) and Google's (GOOG) Android system. RIM's situation is very similar to Nokia's (NOK). The Finnish phone giant is losing market share and suffering revenue erosion as its current phones fail to hold consumer interest as everyone awaits its new-generation Microsoft Windows Phone 7 devices, which should start to arrive later this year. The new crop of BlackBerries are headed to AT&T (T), T-Mobile and Sprint (S), with Verizon (VZ) apparently and curiously left out of the mix. Company representatives said the phones are still "going through certification with Verizon." RIM shares fell briefly Wednesday to $24.10, a five-year low, but the shares subsequently bounced up 2% later in the pre-market session. --Written by Scott Moritz in New York.
To contact this writer, click here: Scott Moritz, or email: email@example.com. Follow Scott on Twitter at MoritzDispatch
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV