RIM shares soar on Icahn stake reports

Sep 27, 2011
Shares of Research In Motion rose sharply on Wall Street on Tuesday amid speculation that billionaire US investor Carl Icahn, pictured here in 2005, has taken a stake in the troubled BlackBerry maker.

Shares of Research In Motion rose sharply on Wall Street on Tuesday amid speculation that billionaire US investor Carl Icahn has taken a stake in the troubled BlackBerry maker.

RIM shares were up 6.32 percent at $23.05 in early afternoon trading.

Icahn's office did not respond to requests for comment and filings with the US did not reveal any major purchases of RIM stock.

"It's unconfirmed," Jefferies analyst Billy Kim said of market rumors that Icahn had bought a stake in RIM.

Kim said RIM could potentially be a target for a private investor.

"It wouldn't make sense for Apple to buy them, or for any of the other large handset manufacturers to buy them," he said.

RIM shares have plunged recently as the Waterloo, Ontario-based company struggles to compete with Apple's iPhone and smartphones powered by Google's Android platform.

Reporting its second quarter earnings earlier this month, RIM posted sales and profits that fell short of expectations.

RIM said it shipped 10.6 million BlackBerry smartphones during the quarter and 200,000 PlayBooks, RIM's rival to the iPad.

Analysts had expected BlackBerry shipments of 11.9 million units and 700,000 PlayBooks.

During a conference call with analysts, co-chief executive Mike Lazaridis said the past few quarters have been "challenging," but expressed confidence the company is "on track to return to growth in the third quarter and beyond."

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User comments : 1

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physyD
1 / 5 (1) Sep 28, 2011
Missed analysts expectations! OMG! The company must therefore be in troubled state! I am an analyst and I've decided I'm expecting 1 billion sales of Iphones this quarter. If Apple does not meet my expectations, the company must be in trouble. Never mind the fact they are in the black.
Same about "losing market share". China and India adds 10million new mobile subscribers this year but since only a small portion got blackberry, RIM is losing global market share!!!. Never mind they added customers to their base.
I think somebody hates RIM for some reason.... (no I don't a blackberry, if anybody thought this was a preferential thing on my part)

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