Investors Give Cool Reception to New BlackBerrys
The long-awaited debut of new BlackBerry smartphones is turning out to be a letdown on Wall Street.
The stock of BlackBerry maker Research in Motion Ltd. began to sink almost as soon as company CEO Thorsten Heins began to show off the redesigned smartphones, the Z10 and Q10. The downturn didn't reverse, even with the publication of mostly positive reviews of the new models.
RIM's stock is down $1.04, or nearly 7 percent, to $14.62 in afternoon trading. The shares have still doubled from a nine-year low of $6.22 in September.
The sell-off may reflect investors' exasperation with the schedule for the new BlackBerrys' release after already enduring lengthy delays.
The Z10 won't go on sale in the U.S. until March.