Research In Motion Cut by Goldman Sachs
(Research in Motion article updated with afternoon stock movements.)
NEW YORK (TheStreet) -- Research In Motion (RIMM) (RIM) was reduced to sell from neutral Thursday by Goldman Sachs, which was concerned that RIM wouldn't be able to keep up with Apple's (AAPL) - Get Apple Inc. Report iPhone and Google's (GOOG) - Get Alphabet Inc. Class C Report Android operating platform as applications gather more steam than email, an area where RIM had been a dominant force.
RIM on Wednesday posted a revenue increase of 18% to $4.08 billion in the fourth quarter, but the figure still fell below the Wall Street consensus estimate of $4.31 billion.
Other news that weighed on RIM came on Tuesday, when the possibility that
Verizon Wireless
(VZ) - Get Verizon Communications Inc. Report
could start selling iPhones this fall was revealed.
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In Thursday afternoon trading, shares of RIMM were down 5.4% to $69.99.
-- Reported by Andrea Tse in New York
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