Will Anyone Save RIM? (Update 1)

Updated from 11:34 a.m. EST to provide additional analyst comments regarding product lines in the fourth paragraph.

WATERLOO, Ontario (TheStreet) - Thursday's third-quarter conference call from Research in Motion (RIMM) marked a stark change in the tone from the embattled handset maker, which may be signaling for outside help.

The Canadian firm, which has been rocked by delayed product launches and increasingly fierce competition from Apple (AAPL) and Google (GOOG), offered up weak outlook after market close on Thursday.

Speaking during the conference call, RIM co-CEOs Jim Balsillie and Mike Lazaridis announced they are taking a $1 a year salary, and were adamant about finding ways to curb the sharp decline in the share price.

BGC Partners analyst Colin Gillis believes that the company is not for sale due to market size, but management could focus on three product lines to protect its brand, especially in the low end markets. He has a Sell rating and a $13 price target.

RIM's shares tanked more than 11% on Friday as investors baulked at the firm's ongoing problems. The stock has plunged more than 76% during 2011.

Inevitably, there has been plenty of chatter that another company could salvage all or part of RIM.

ThinkEquity analyst Mark McKechnie speculated on several names in a research note, saying Amazon (AMZN), Microsoft (MSFT) or Apple (AAPL) might "benefit from RIMM's deep wireless data patent portfolio, carrier and enterprise deployments, and hardware expertise."

Microsoft is a name that has been rumored about in the past, but so far nothing has come to fruition. Shares ticked up in the earlier part of December on chatter that Microsoft was looking at the company. Since December 2, shares have fallen 27.5%.

On Thursday RIM also explained that it's undertaking an initiative dubbed "Core", which includes cost and efficiency improvements. Lazaridis said that RIM would have an update on its Core initiative next quarter.

Jim Suva of Citigroup asked about the restructuring efforts, and Balsillie said that it's "absolutely not business as usual at RIM. We're going to do what it takes to get the value for shareholders in the company, and we're totally redoubling our efforts on the execution here."

Balsillie and Lazaridis have traditionally struck a defiant tone during RIM's earnings events. The latest conference call, though, was different, with the executives acknowledging the need for vastly improved strategic direction.

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