RIM Shares Sink as Traders Respond to Meager BB10 Expectations
Research In Motion (NASDAQ: RIMM) shares are down more than 7% following comments from Pacific Crest's James Faucette.
The analyst believes BlackBerry 10's launch will be "lukewarm at best" and "ultimately" will fail. He cited a low number of apps, a lack of complementary devices and a UI which will be unfamiliar to most BB users.
Faucette said checks suggest inventories of BlackBerry devices at retail locations have already begun to fall without sell-through run-rates improving.
This argument is nothing new for Research In Motion investors; however, further deterioration in checks may be scaring traders today.
Latest Ratings for RIMM
|Jan 2013||Credit Suisse||Downgrades||Neutral||Underperform|
|Jan 2013||Evercore Partners||Downgrades||Equal-Weight||Underweight|
|Jan 2013||RBC Capital||Maintains||Sector Perform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.