RIM stock dips below $10
New 9-year low for BlackBerry maker
Research In Motion Ltd. stock has sunk below $10 for the first time in almost a decade.
Shares in the Waterloo, Ont.-based maker of BlackBerry smartphones and PlayBook tablets slid to as low as $9.97 Monday but closed on the Toronto Stock Exchange at $10.03, down 65 cents, or 6.1 per cent.
RIM stock hasn't traded below the symbolically important $10 level since November 2003. As recently as the summer of 2008, RIM was the most valuable company in Canada. But since then the shares have lost 93 per cent of their value after peaking near $150 per share.
Last Friday, RIM lost its status as the most valuable technology company in Canada when Montreal-based CGI Group Inc. moved to buy Logica for almost $2.6 billion. That move pushed CGI's market cap up to $6.2 billion. After shedding another 70 cents a share on Monday, RIM was worth $5.2 billion.
RIM shares have taken a beating since the company announced last week it has hired two outside firms to advise on its troubled business and financial performance. The company also projected an operating loss in the current quarter and warned it will cut staff throughout the year.
With files from The Canadian Press