BlackBerry shares continue downward slide

The Canadian Press ~ OBJ
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Shares in BlackBerry are down again, one day after the smartphone pioneer debuted new product offerings to generally positive reviews.

The new touchscreen BlackBerry Z10 device.

While the stock (TSX:RIM) closed Thursday 6.78 per cent below Wednesday's closing price to $12.92, it was down 12 per cent earlier in the day.

The drop continues a loss in share value that began earlier this week ahead of the unveiling of the new BlackBerry Z10 and the BlackBerry Q10.

The Z10, a touchscreen model, will be available in Canadian stores next Tuesday, but not in the U.S. until March.

Analysts have noted the later release date for the U.S. market is exerting downward pressure on the stock.

"The delay that was announced was certainly a disappointment and that you can see reflected in the stock price," said Jennifer Dowty, portfolio manager at Manulife Asset Management.

"We don't even have a definitive date (for the U.S. launch)."

The decline Monday and Tuesday was put down to profit-taking since BlackBerry shares had run up 50 per cent in January alone as of last Friday.

The BlackBerry Q10, which will have the physical keyboard beloved by the so-called CrackBerry crowd, will not be released until April.

BlackBerry is the new corporate name of the company formerly known as Research In Motion.

Organizations: Research In Motion, TSX, Manulife Asset Management

Geographic location: U.S.

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Recent comments

  • Larry Sullivan
    February 04, 2013 - 05:19

    The fact the Q10 release date is just one month after the Z10 hits American stores is no coincidence. Blackberry doesn't mind releasing the Z10 here, in Canada! In February; we are a very small market in comparison. Feedback from the Canadian consumer will spark in terest in the States and the one month stutter-step won't negatively impact projected sales but, rather, enhance penetration. Nice ploy on the backs of the Canadian consumer and the country that gave birth to Blackberry.