RIM's New BlackBerries -- D.O.A.

NEW YORK ( TheStreet) -- Research In Motion ( RIMM) just cannot catch a break.

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.

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