NEW YORK (TheStreet) -- Research In Motion (RIM) investors were left overwhelmingly disappointed with the announcements made during the handset maker's annual shareholders' meeting yesterday. Participants on The Street's live blog struck a decidedly negative tone.
"The [S]treet was expecting what I was hoping for: Definitive financial and product development road map for the next 3 quarters...to ease fears of further delays and fears of cash crunch over the short-term - Didn't get it," blog participant "Woo" wrote in reference to RIM's falling stock price on Tuesday. Shares ended the day at $7.29, down almost 5%. Trading volume was almost double the average, as 41.9 million shares changed hands.
RIM CEO Thorsten Heins instead reiterated the messages conveyed on the company's recent first quarter earnings call, attempting to sell investors on management changes, cost cutting measures and the BlackBerry 10 smartphone.
Some participants on TheStreet's live blog speculated that the BlackBerry maker will sell its intellectual property (IP) in an attempt to boost its share price. Blog contributor "Ed" guessed that RIM "will liquidate (not license) their patents somewhere around $15 to $20 per share over the next year or two. Don't think a true turnaround is feasible anymore."He added that the company would never disclose the valuation of its IP, but later estimated that the BlackBerry Enterprise Server IP alone is worth $1.5 to $2 billion.
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