Competition From Apple Stunts RIMM, Wireless HOLDRS
June 25, 2010 at 17:22 PM EDT
On a day that saw most equity indexes finish slightly up, Research in Motion, maker of the popular BlackBerry phone, saw its share price crushed by nearly 10%. The steep decline came after the company confirmed investors’ worst fears with its earnings report: the runaway success of Apple’s iPhone has muddied the outlook for the company and dialed up competition in the already intense smart phone market. RIMM pulled down the entire technology sector of Canada’s Stock Exchange by 1.2%, which plummeted to close out the week. RIMM’s big drop came despite the fact that the company reported increased revenues of 24% for the first quarter of 2010. The company predicted even higher revenues for next quarter, and announced that it had recently shipped its 100 millionth BlackBerry. But rather than gaining market share, RIMM continues to lose ground in the smartphone world to Apple and other firms, causing investors anxiety [...] Click here to read the original article on ETFdb.com. Related Stories: RIMM Sends Tech ETFs Higher Technology ETFs In Focus As Yahoo And Apple Report Earnings Smartphone ETF On The Horizon?
