NEW YORK (TheStreet) -- BlackBerry (BBRY) continued its rise from Tuesday after the company announced that it would divest the majority of its real-estate holdings in Canada. Shares were gaining 6.29% to $10.56 on Wednesday.
The U.S. Department of Defense announced the company's smartphones could account for 98% of the devices on one of the department's new networks. The Defense Information Systems Agency announced that about 80,000 BlackBerrys and 1,800 phones and tablets based on Apple's (AAPL) iOS software and Google's (GOOG) Android operating system would start to be connected to the Department of Defense's management system starting at the end of January.
The company announced late Tuesday that it would divest most of its real-estate portfolio in Canada through a combination of sale leaseback and vacant asset sales. The property offered will total more than 3 million square feet, but BlackBerry did not speak to the potential value of the sale.
"BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs," said CEO John Chen in a company statement. "This initiative will further enhance BlackBerry's financial flexibility, and will provide additional resources to support our operations as our business continues to evolve."
TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."