“Short sellers aren’t showing much faith in Research In Motion’s [sic: RIM is no longer; read: “BlackBerry’s”] turnaround story,” Steven Russolillo reports for The Wall Street Journal. “As the stock has more than doubled in price since September, short sellers have been piling in, betting the company’s fortunes will again fade. With earnings scheduled for before the opening bell Thursday morning, BlackBerry bears are in for an important test.”
“The percentage of [BBRY] shares on loan — a proxy for short-selling activity — stands at about 30% of the combined Canadian and New York stock listings. That’s nearly a record high for the BlackBerry maker, data from securities financing tracker Markit show. Short sellers borrow shares in hopes of buying them back cheaper at a later date, aiming to profit from a price decline,” Russolillo reports. “Last Friday’s launch of the newest BlackBerry device underwhelmed investors, prompting a downgrade from Goldman Sachs which weighed on the stock.”
Read more in the full article here.
Beleaguered BlackBerry shares drop 7% as Z10′s U.S. launch gets subdued reception – March 22, 2013
Gartner: Beleaguered BlackBerry in an ‘extremely difficult’ spot – March 19, 2013
Why the Z10 won’t save beleaguered Blackberry – March 11, 2013