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September 8, 2008 10:56:24 AM CDT

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Bank Industry Woes Spill Over to RIM

Posted Nov 9, 07 10:59 AM CST in Technology,  Business 

(Newser) – Research in Motion’s share price run-up ended yesterday on worries about softness in the banking industry, after Cisco Systems reported declining orders for its products, Reuters reports. The BlackBerry maker’s stock was up 140% since June, with analyst raising price targets 30-50% after its Oct. 5 quarterlies. RIM closed off 6.4%, $8.55, on Nasdaq at $122.48.

Some analysts refused to abandon RIM, saying banking represented less than 15% of its base and that the drop was a result of profit taking, not a weak outlook. "It just goes to show you what investors will do when they get a little bit panicked," one analyst said. RIM led a broad decline among Canadian tech stocks yesterday. The stock was down another 7.5% this morning to $115.11  at 11:39 EST.

Sources: Reuters, Bloomberg, CNN

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A Blackberry displays the Microsoft homepage in a downtown Toronto office, Thursday, Aug. 30, 2007. (AP Photo/J.P. Moczulski, The Canadian Press)   (Associated Press)
A BlackBerry user checks his screen in Washington, Wednesday, April 18, 2007.(AP Photo/J. Scott Applewhite)   (Associated Press)
A BlackBerry Curve is shown in this May 7, 2007 file photo in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
Pedestrians walk past an advertisement of Blackberry phone.   (Getty Images)
Pedestrians stand in front of an advertisement for BlackBerry.   (Getty Images)
In this March 7, 2007 file photo, Research in Motion Co-Ceo Jim Balsillie addresses a business group in Ottawa.(AP Photo/Jonathan Hayward, CP,File)   (Associated Press)
In this March 7, 2007 file photo, Research in Motion Co-Ceo Jim Balsillie addresses a business group in Ottawa.(AP Photo/Jonathan Hayward, CP,File)   (Associated Press)
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