RIM stock tanked for two days after the announcement that the company's co-founders were stepping down, and a new CEO was taking over. It was largely believed that the new CEO, Thorsten Heines, was an insider who does not have the capacity to bring real change to the company.
Today the stock is up, and the Financial Times suggests it's because of the rumor of a September release of BlackBerry 10. BGR has reported that RIM will release two BlackBerry 10 devices this year, and it could come in September.
I'm suspect of the claim that the rally is due to the BlackBerry 10 rumors. For one thing, BGR's news was out earlier this week while the stock was tanking. Also, Thorsten Heins is still the CEO. I think this is a typical rally by people who have seen RIM's stock take a beating, and think the price is now low enough to buy it.
(photo by The Verge)
Today the stock is up, and the Financial Times suggests it's because of the rumor of a September release of BlackBerry 10. BGR has reported that RIM will release two BlackBerry 10 devices this year, and it could come in September.
The unconfirmed report seems to be having an impact on RIM’s stock, which was up nearly 5.5% to $16 per share on the Toronto Stock Exchange shortly after 11:30 a.m. ET on Wednesday. Company shareholders were likely relieved by the rally following two straight days of declines.
I'm suspect of the claim that the rally is due to the BlackBerry 10 rumors. For one thing, BGR's news was out earlier this week while the stock was tanking. Also, Thorsten Heins is still the CEO. I think this is a typical rally by people who have seen RIM's stock take a beating, and think the price is now low enough to buy it.
(photo by The Verge)
