- Bomb squad called after live WWII artillery washes on Cape Cod beach
- HAYDEN: Intelligence, evidence and the case against Russia
- Ohio university quiz implies atheists are naturally smarter than Christians
- Rep. Henry Cuellar on border crisis: ‘Playing defense on the one-yard line’
- Activists vow to occupy fast-food restaurants to get higher pay
- Rep. Luis Gutierrez: Senate Dems wary of immigration politics
- Summer camp for 1 percenters: Sushi, limos and shopping at FAO Schwarz
- Colorado gun crackdown law found to be built on faulty data
- Hank Aaron steps to fundraising plate for Democrat Michelle Nunn
- ISIL terrorists blow up burial site of Jonah, vow more of same
Investors give cool reception to new BlackBerrys
Question of the Day
NEW YORK (AP) - The long-awaited debut of new BlackBerry smartphones flopped on Wall Street.
The stock of BlackBerry maker Research in Motion Ltd. started to sink Wednesday soon after company CEO Thorsten Heins began to show off the redesigned smartphones, the Z10 and Q10. The downturn didn’t reverse, even with the publication of mostly positive reviews of the new models. The company introduced the new devices along with a revamped operating system called BlackBerry 10, which emphasizes touch-screen controls, a concept popularized by Apple Inc.’s trend-setting iPhone and various devices running Google Inc.’s Android software.
RIM’s stock dropped $1.88, or 12 percent, to close at $13.78. It dropped another 1.5 percent in after-hours trading. The shares have doubled from a nine-year low of $6.22 in September. Even so, they remain well below their peak of $147 reached in 2008, when the iPhone was still considered to be more of a curiosity than a revolutionary mobile computing tool.
Wednesday’s sell-off may reflect investors’ exasperation with the schedule for the new BlackBerrys’ release after already enduring lengthy delays.
The Z10 won’t go on sale in the U.S. until March and the Q10 may not arrive until April or later. By then, RIM will be operating under another name. Before unveiling the new smartphones, Heins announced that the Canadian company will change its name to BlackBerry and trade on the Nasdaq Stock Market under the new ticker symbol “BBRY”.
The Z10 will go on sale in the United Kingdom Thursday and in Canada on Feb. 5. The phone will sell for about $150 with a three-year wireless contract in Canada. In the U.S., it’s expected to go for about $200 with a two-year service contract.
The new BlackBerrys were supposed to go on sale a year ago, only to be delayed so the company could spend more time working on the new operating system for the devices.
Sterne Agee analyst Shaw Wu suspects many investors are convinced the new BlackBerrys aren’t different enough to diminish the popularity of the iPhone and Android devices such as Samsung Electronics Co.’ Galaxy line, which won over consumers while RIM was still working out the kinks in its new product line.
TWT Video Picks
Second- and third-stringers eye 2016 if front-runner stumbles
- Michelle Obama says money in politics is bad, asks donors for 'big, fat check'
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- Presidents of Honduras, Guatemala blame U.S. for border children crisis
- NAPOLITANO: What if our democracy is a fraud?
- EDITORIAL: Detroit's water 'spigot bigots'
- PRUDEN: The Democratic-wannabe mice under Hillary Clinton's feet
- Let it roll: D.C. Council hits Las Vegas on taxpayer's dime, leaves $14,000 tab
- White House readies for House GOP impeachment push: 'Foolish' to ignore
- Hamas rejects Kerry's call for cease-fire; Fears grow others could join fight against Israel
- Brian Kelly, Notre Dame ready for different route to title
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq