RIM shares climb as fund manager doubles stake

Wed Nov 28, 2012 3:57pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Yacktman Asset Management's vote of confidence

* Investment comes in weeks ahead of BB10 launch

* Shares resume last week's climb after Tuesday drop

* Stock rises 3.1 pct on Nasdaq

TORONTO, Nov 28 (Reuters) - Shares of Research Motion Ltd rose over 3 percent on Wednesday as investors focused on a move by a U.S. fund manager to expand its holding in the smartphone maker ahead of next year's launch of the make-or-break BlackBerry 10 line.

Yacktman Asset Management Ltd more than doubled its stake in RIM to 23.47 million shares, up from 11.24 million shares at the end of June, according to a filing with the U.S. Securities and Exchange Commission early this month. RIM has 524.16 million shares outstanding.

The investment stands as another vote of confidence for the embattled smartphone maker as the company prepares to launch its new line early next year. The BB10 will vie against Apple's iPhone and Android-based smartphones, which have decimated BlackBerry's market share in recent years.

"Anytime you're got somebody taking an active stake, I think people will say at least there's some buying support," said James Faucette, an analyst with Pacific Crest Securities in Oregon.

"I think, generally speaking, the stock had gotten beaten up the last couple of days," he added. "Whatever you think is going to happen, good or bad, probably primarily hinges on BlackBerry 10."   Continued...