Research in Motion Limited (USA) (NASDAQ:RIMM), the struggling manufacturer of the BlackBerry Smartphone, moved down to the record low since May after Morgan Stanley (NYSE:MS) downgraded the company, mentioning quickly deteriorating fundamentals.
Morgan Stanley analyst in New York Ehud Gelblum wrote in a note to investors on Tuesday that the only way Research in Motion continues as a viable entity is at a fraction of its current size, a change that erases much of its earnings power. Ehud Gelblum also lowers RIM’s recommendation to underweight from equal weight, the equivalent of a hold.
Shares of the company tumbled 7.6% to settle at $9.11 in New York and marked the worst drop since May 30. Shares of the company are trading at record low level since December 2003.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Nokia Corporation (ADR) (NYSE:NOK) decreased -1.37% to settle at $2.16, Telefonaktiebolaget LM Ericsson (ADR) (NASDAQ:ERIC) moved down -1.15% to end at $8.63 while Sierra Wireless, Inc. (USA) (NASDAQ:SWIR) surged +1.72% to finish on Tuesday at $9.44.
Research In Motion Limited (USA) (NASDAQ:RIMM) began the last trading session with a price of $8.97 and throughout the session climbed at a high of $9.28 but when day-trade ended the stock finally declined -1.54% to $8.97.
RIMM had a trade volume of 25.91 million shares was higher as compared to average trading capacity of 16.56 million shares.
The stock is down its 52 week low with -0.50% and lagging behind from its 52 week high price with -73.27%. RIMM last month stock price volatility remained 5.23%. In its share capital RIMM has 524.16 million outstanding shares among them 443.92 million shares have been floated in market exchange. RIMM stock institutional ownership remained 60.57% while insider ownership included 10.24%.
Shares price of RIMM moved down from its 20 days moving average with -13.55% and remote negatively from 50 days moving average with -22.45%. RIMM current year earnings per share experienced a downfall of -64.95% while its current quarter performance remained -35.46%. Company’s beta coefficient included 1.75. Beta factors measures the amount of market risk associated with market trade.
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