NEW YORK ( TheStreet) -- It's beginning to appear as if the feel-good turnaround story that BlackBerry ( BBRY) investors were hoping for is not going to happen. I say "beginning" here as a courtesy, because I never really believed that any type of meaningful recovery was possible. But here's the frustrating part about this; BlackBerry has done just well enough recently to give investors false hope.However, as in sports like football and basketball, when you've been too far behind and needing a miracle, very seldom does the hail-Mary pass or the desperation three-point shot from half court work in your favor. Unfortunately for BlackBerry, although the game is now over, the suffering won't end -- not for at least several more quarters. Accordingly, investors have some very important decisions to make. And the way I see it, any verdict that involves holding this stock is the wrong one. There was a point when I referred to BlackBerry as the second coming of Nokia ( NOK) -- describing the nature by which a once dominant market leader was slowly becoming irrelevant. Today, given Nokia's recent moves, and the subsequent climb of Nokia's stock, BlackBerry would only be so lucky to draw this same comparison. The company's current outlook in the face of stiff competition from Apple ( AAPL) and Google ( GOOG) suggests nothing but impending losses for the foreseeable future. Last week, upon suggesting that the company was seeking to conceal important data regarding the progress of the its subscription service business, it was also clear that management was keen on what's around the corner. The only way for BlackBerry to survive at this point is to increase its spending. There is no other way around it. The fact that the company refused to disclose unit shipment data for its smartphones serves as the perfect example. Weak phone sales suggests weak adoption. Unfortunately for BlackBerry, the enterprise customers that were looking for ways to leverage and/or diversify into various operating system offerings no longer have a reason to include BlackBerry. As much as they would have liked to, their employees -- by virtue of their spending -- have shown no interest in the new BlackBerry 10 software.