RIM’s Freefall: Stock Drops to Eight-Year Low
Research In Motion’s unrelenting downward spiral took the company’s shares to a new 52-week low this week.
On Tuesday, the company’s stock price closed at $11.09 — a price it has not seen since December of 2003. Another ugly decline for RIM, which has shed more than three-quarters of its value in the past year alone.
Evidently, the brief run-up in RIM’s stock price prior to the unveiling of the company’s long-awaited BlackBerry 10 operating system at BlackBerry World earlier this month has proved untenable. And the prospect of watching the first BB10 phones go head to head with the next iteration of Apple’s iPhone this fall has sent investors fleeing into the woods.
As I write this, RIM’s market cap is hovering at just about $6 billion. Hard to believe that just five years ago that number was about $80 billion, and RIM was the most valuable company in Canada by stock market value.