TORONTO – Research In Motion (TSX:RIM) has recovered some of the ground it lost last week on stock markets after the company disclosed it’s changing the fee structure for services used with its BlackBerry smartphone devices.
The stock was at C$11.48 in Toronto just before noon. That was up 98 cents or nine per cent from Monday’s close before a two-day Canadian holiday for Christmas and Boxing Day. It was well below the day’s high of $12.06.
RIM shares had gained ground Wednesday on U.S. markets while the Toronto Stock Exchange was closed and the TSX followed Nasdaq’s lead on Thursday.
In New York, RIM shares (Nasdaq:RIMM) initially continued move higher Thursday but later retreated and were down 30 cents or about 2.5 per cent at noon.
The stock plunged about 25 per cent last week as analysts raised concerns about less revenue from the lucrative service fees charged by the company to use its secure network.
The stock had been on a roll during December on rising optimism about the new BlackBerry 10 lineup which is being launched at the end of January.