The Waterloo, Ontario-based Research In Motion Limited (USA) (NASDAQ:RIMM) is lowering jobs as piece of a broad cost-saving attempt intended to cut $1 billion in operating expenses.
Spokeswoman of Research In Motion, the struggling manufacturer of the BlackBerry Smartphone, Tenille Kennedy reported in an e-mail on Thursday that Research In Motion has committed to achieving major efficiencies and operating cost declines over the course of this fiscal year. Kennedy further stated that headcount reductions were part of this plan.
Research in Motion has reported that it plans to save the $1 billion in operating costs annually by lowering the number of manufacturing sites. The company is also reviewing its organizational efficiency across the corporation.
Electronics supplier Celestica Inc (USA) (NYSE:CLS) reported this week that it would cease manufacturing the BlackBerry as part of RIM’s attempt to streamline its supply chain.
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 -4.80% to settle at $2.38, Telefonaktiebolaget LM Ericsson (ADR) (NASDAQ:ERIC) moved down -5.18% to end at $8.79 while Sierra Wireless, Inc. (USA) (NASDAQ:SWIR) plunged -1.25% to finish on Thursday at $9.49.
Research In Motion Limited (USA) (NASDAQ:RIMM) began the last trading session with a price of $10.25 and throughout the session climbed at a high of $10.32 but when day-trade ended the stock finally declined -2.57% to $10.06.
RIMM had a trade volume of 10.35 million shares was lower as compared to average trading capacity of 15.82 million shares.
The stock is ahead its 52 week low with +5.22% and lagging behind from its 52 week high price with -69.98%. RIMM last month stock price volatility remained 4.83%. 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 -4.63% and remote negatively from 50 days moving average with -14.41%. RIMM current year earnings per share experienced a downfall of -64.95% while its current quarter performance remained -26.92%. Company’s beta coefficient included 1.76. Beta factors measures the amount of market risk associated with market trade.
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