BlackBerry shares continue downward slide
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TORONTO - Shares in BlackBerry closed lower on Thursday, one day after the smartphone pioneer debuted new product offerings to generally positive reviews.
While the stock (TSX:RIM) finished down almost seven per cent to $12.92, it had been down 12 per cent earlier in the day.
The drop continues a loss in share value that began earlier this week ahead of the unveiling of the new BlackBerry Z10 and BlackBerry Q10.
The Z10, a touchscreen model, will be available in Canadian stores next Tuesday, but not in the U.S. until March.
Analysts have noted the later release date for the U.S. market is exerting downward pressure on the stock.
"The delay that was announced was certainly a disappointment and that you can see reflected in the stock price," said Jennifer Dowty, portfolio manager at Manulife Asset Management.
"We don't even have a definitive date (for the U.S. launch)."
The decline Monday and Tuesday was put down to profit-taking since BlackBerry shares had run up 50 per cent in January alone as of last Friday.
The BlackBerry Q10, which will have the physical keyboard beloved by the so-called CrackBerry crowd, will not be released until April.
BlackBerry is the new corporate name of the company formerly known as Research In Motion.