RIM shares bounce back after shuffle-related drop
TORONTO (Reuters) - Shares of Research In Motion rose 8.6 percent on Wednesday, rebounding after two days of declines on disappointment over the choice of an company insider as the BlackBerry maker's new chief executive.
The jump followed a 8 percent swoon on Monday and a 3.5 percent drop on Tuesday. Over the weekend, RIM replaced co-chief executives Mike Lazaridis and Jim Balsillie with Thorsten Heins, a four-year veteran of the struggling company.
RIM's rise also came a day after Apple posted blockbuster quarterly results highlighting the strong global market for smartphones.
A report in a technology blog that said RIM's next-generation BlackBerry 10 smartphones were on track for a September launch may have also given a lift to the stock, said Todd Coupland from CIBC Capital Markets.
"The market might have been reacting to some blog reports that the first BB 10 products may be coming sooner than expected," he said.
Even so, Coupland was skeptical about the posting in the Boy Genius Report, which did not specify a source.
In December, RIM delayed the phones using the same software in its PlayBook tablet until the latter part of 2012.
The blog earlier this month said RIM was in talks to sell itself to Samsung, triggering a 10 percent spike in the shares.
Samsung later denied any interest in acquiring RIM, and a source close to the BlackBerry maker said the two companies had never been in buyout talks.
RIM's Nasdaq-listed shares closed at $16.30 and its Toronto stock was at C$16.40. The stock has fallen 75 percent in the past year.
(Reporting by Alastair Sharp)
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