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Shares of Research in Motion fell almost eight per cent Tuesday in the wake of Apple Inc.'s unveiling of its iPhone.
In TSX trading, RIM stock closed at $154.01, down $12.82. Even with that drop, RIM shares have still doubled over the last year.
Research in Motion three-month trading
Apple's new iPhone is a mobile phone that CEO Steve Jobs claims will "revolutionize" smartphone technology because it doesn't use a keyboard or a stylus. Instead, it has a touch screen. It plays and downloads music, incorporating the features of Apple's popular iPod. It also allows users to access the internet.
The iPhone will offer free "push" e-mail from Yahoo. That makes it a competitor for RIM's BlackBerry device, as well as RIM's recently launched BlackBerry Pearl, which is aimed at the consumer market.
There had been speculation that RIM and Apple might announce some kind of collaboration on an "iBerry" device. Some analysts speculated that investors may have been disappointed that there was no such announcement, Dow Jones reported Tuesday.
Makers of other smartphones also saw their share prices drop. Shares of Palm, maker of the Treo smartphone, fell six per cent in Nasdaq trading. Shares of traditional mobile phone makers Nokia and Motorola also fell, but by smaller amounts.
Apple shares, on the other hand, jumped more than eight per cent in Nasdaq trading — rising $7.10 to $92.57 US.
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| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12389.42 | -108.52 |
| DOW | 12801.23 | -89.23 |
| NASDAQ | 2903.88 | -23.35 |
| SP 500 | 1342.64 | -9.31 |
| NYSE COMPOSITE | 7992.05 | -89.2 |
| AMEX | 2417.98 | -18.65 |
| TSX-VENTURE | 1653.55 | -11.27 |
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