RIM’s BlackBerry Bold 9900 May Not Launch Until September, Shares Slump to New 52-wk Lows

Research in Motion’s (RIMM) BlackBerry Bold 9900 isn’t likely to launch internationally until September, the BG Report has confirmed with multiple sources. This is negative for RIM on two fronts, first is that the 9900 postponement comes at a time when corporations are beginning the move away from BlackBerry, and second – the Waterloo, Canada-based RIM is competing in a consumer market with the likes of the latest iPhone (also due in September) and Android.

Shares of RIM dropped 98 cents to $39.50 after breaking earlier below the recent 52-wk range lows of $40.04. Over the last five months RIM has lost nearly 42% of its value from its February highs. The ticker remains at depressed levels, having fallen more than 35% year-to-date. The stock currently trades at a trailing P/E of 6.27, a forward x of 5.75 and a P/E to Growth ratio of only 0.49. More than 9.5 million RIM shares have already traded hands compared to a daily average of around 13 million.

The day’s range so far for shares of Research In Motion Limited, which closed at $40.43 in the previous trading session and opened today at $40.00, has been between a 52-week low of $39.50 and $40.35 per share.

The average price target of analysts who cover RIM is $53.50 per share. The company has a market cap of $21 billion.

At last check, RIM shares were down $0.61, or -1.51%, to $39.82.

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About Ron Haruni 1036 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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