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.