NEW YORK (TheStreet) -- BlackBerry (BBRY) was falling 2.13% to $10.12 at 3:32 p.m. on Wednesday after a report that T-Mobile's (TMUS) trade-in program specifically geared to BlackBerry users, which expires Wednesday, resulted in a mass exodus away from BlackBerry devices.
TmoNews reportedly obtained an internal T-Mobile memo that stated the company experienced 15 times the usual amount of device trade-ins. But the more striking figure is that 94% of those customers moved to a non-BlackBerry device when they upgraded.
T-Mobile launched the trade-in program after BlackBerry CEO John Chen, along with some devoted BlackBerry customers, spoke out against T-Mobile via social media once the company started sending messages to BlackBerry customers with an offer to switch to the iPhone 5s for no money down. T-Mobile responded with the trade-in program, which offered a $200 credit for customers who traded in their BlackBerry devices and upgraded to a new device. Those who chose the BlackBerry Q10 or Z10 would receive an extra $50 credit.
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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 a number of negative factors, 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."