UPDATE 1-Toronto stocks tumble on US woes, RIM

Fri Sep 26, 2008 10:10am EDT
 
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*Research In Motion falls 25 percent after forecast

*Financials sink on U.S. bailout delay, WaMu failure

*Energy stocks fall as oil slides on rescue plan doubts

(Adds details)

TORONTO, Sept 26 (Reuters) - The Toronto Stock Exchange's main index opened sharply lower on Friday after sentiment soured further on delays in getting a deal on a U.S. financial bailout plan and as technology bellwether Research In Motion Ltd RIM.TO issued a softer forecast.

At around 9:45 a.m. (1345 GMT), the technology sector was down 8 percent with Research In Motion RIM.TORIMM.O dropping 25 percent to C$75.85.

After the market close on Thursday, RIM warned profit in the current quarter would come in lower than analysts had foreseen due to higher costs related to its newest BlackBerry smartphones.

A cloud of uncertainty swirled over the U.S. financial bailout plan as pressure mounted for a deal to be made after talks broke down in acrimony.[ID:nLQ606777] For links to more stories, see [ID:nN22402709]

Adding to the mix, U.S. authorities shut bank Washington Mutual Inc (WM.N: Quote) and sold its assets to JPMorgan Chase & Co (JPM.N: Quote), roiling global markets.   Continued...