RIM LAUNCHES NEW PRODUCT- SHARE PRICES DROP

Jan 30, 2013

By Michael Kramer

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The Toronto stock market closed lower as Research In Motion stock fell following the launch of its long-awaited BlackBerry 10 products and data showed a surprising weakening of the U-S economy in the fourth quarter.

The S & P / T-S-X composite index fell 36 points to 12,794.

RIM had been up as much as four per cent before chief executive Thorsten Heins unveiled the B-B-10 and announced the company’s corporate name would be changed to BlackBerry.

But RIM stock closed down almost 12 per cent to $13.86.

The stock was hit with a wave of profit taking after hitting a 52-week high of $18.49 early last week. That represented a stunning gain of 203 per cent since hitting a 52-week low last September.

Analysts said that consumer reaction to the new product will ultimately determine where the stock goes.

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