RIM Stock Plunges More Than 10%

After reporting disappointing quarterly results yesterday, RIM shares plunged more than 10% to close out the week.
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NEW YORK (TheStreet) -- Research In Motion (RIMM) continues to disappoint. After reporting lukewarm results yesterday in its first-quarter earnings report, RIM saw its stock plunge today more than 10%, or $6.35, to finish at $52.23.

Facing stiff competition from

Apple

(AAPL) - Get Report

and phones running

Google's

(GOOG) - Get Report

popular Android operating system, RIM reported

mixed first-quarter results and outlook late Thursday

, prompting a major sell-off.

The company's numbers led analyst firm

Baird

to

downgrade the phone maker on Friday

, citing fewer product shipments.

Credit Suisse

also slashed its RIM price target, noting that volume acceleration is coming, to offset pricing pressure.

With Apple's new iPhone 4 and the new

Motorola

(MOT)

Droid X making waves, the Blackberry maker has its work cut out competing with the latest, greatest touchscreen devices. In addition to Apple and Motorola's latest offerings,

Sprint

(S) - Get Report

is also grabbing plenty of attention for

HTC

-built EVO 4G, which it is being touting as the world's first 4G smartphone.

-- Reported by James Rogers in New York

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