New York – Research In Motion’s stock fell below $10 on Monday for the first time since December 2003.
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The decline in share price on Monday came as its rival Samsung Electronics said its new Galaxy S III smartphone will be launched by all four of the major U.S. wireless carriers this month.
RIM shares dropped60 cents, or 5.9 percent, to close at $9.66.
The maker of the BlackBerry mobile device has steadily lost ground to Apple Inc.’s iPhone as well as phones that run Google Inc.’s Android software, such as Samsung’s.
Shares of the U.S. smartphone market dropped from 44 percent in 2009 to 10 percent in 2011, according to the NPD Group.
Research In Motion Limited, based in Waterloo, Ontario, said last Tuesday that it expects to post an operating loss for the current quarter and will have to lay off a “significant” number of employees. The company has also hired a team of bankers to help it weigh its options. Thorsten Heins, the CEO, said the company is not actively looking to sell itself.
aftermath of the Asifa
This is what I wrote on August 3rd, 2011.
” Aug 03, 2011 at 01:05 PM DrMSPhD Says:
I’ve been shorting Rimm since it was around $50. I plan on holding until it’s around 15.
In my opinion that they will be bought out when their market cap falls to about 8 billion (mainly just so that their patents can be acquired)”
I ended up cashing in at an average of 13 bucks
Facebook should purchase RIM