Market Gives Thumbs-Down to BlackBerry Maker

Research In Motion Ltd. found its shares strewn among the wreckage when the North American financial markets derailed yesterday after U.S. lawmakers rejected a $700-billion (U.S.) Wall Street bailout.

Shares of the BlackBerry maker fell more than 9 per cent yesterday to their lowest point since June, 2007. That came on the heels of a 28-per-cent plunge on Friday after the company posted disappointing second-quarter earnings.

RIM’s market capitalization has fallen more than $19.8-billion (Canadian) over the past two days of trading while the company’s co-chief executive officer tandem of Mike Lazaridis and Jim Balsillie have watched the value of their respective holdings in the BlackBerry maker shrink by $1.3-billion and $1.2-billion.

Tech stocks were slammed across the board yesterday as investors grew increasingly worried that the turmoil in the financial system will further erode U.S. consumer spending and the demand for smart phones and other electronics.

Read the whole article at ReportonBusiness.com.