“Shares of BlackBerry maker Research In Motion dove to a nine-year low Monday after Morgan Stanley downgraded the stock, saying RIM’s challenges are piling up,” The Associated Press reports.
“Research In Motion Ltd.’s shares closed down 75 cents, or 7.7 percent, to $9.11 on the Nasdaq,” AP reports. “The bottom for the day was $9.01, the lowest level since 2003. RIM shares have lost 94 percent of their value since their 2008 peak.”
AP reports, “The Waterloo, Ontario, company has been struggling to adapt to a world where Apple Inc.’s iPhone sets the standard for how a smartphone should work, and its sales have plummeted… Morgan Stanley’s Ehud Gelblum expects BlackBerry 10 to bomb, leading to a more rapid decline in BlackBerry sales than other analysts have projected.”
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