Here’s a headline you haven’t seen on MMW… in years: shares of RIM have exploded to the upside on renewed optimism over BlackBerry.
While shares of iPhone maker Apple continued their recent decline on Monday (AAPL fell below $500 for the first time since February 2012), RIM’s stock popped to the tune of more than 10%, reaching – perhaps ironically – its highest share price since February of 2012.
“There is a lot of speculation that RIM can continue higher, with even more anticipation for the BlackBerry 10 release with the Apple news [Monday],” Joe Kinahan, chief derivatives strategist at TD Ameritrade, tells the WSJ. “Investors are betting that, with momentum from Apple slowing, the momentum in RIM shares will pick up.”
For months, hype has been building ahead of the late January launch of new BlackBerry 10 devices.
Last week during the annual Consumer Electronics Show in Las Vegas, Nevada, executives from AT&T, Verizon, and T-Mobile confirmed plans to offer coverage for the BlackBerry 10 products. On Monday, news came that mobile app developers are enthusiastically preparing apps for for new devices.
Over the weekend, developers flocked to the new operating system with their application submissions.
“37.5 hours in, we hit 15,000 apps for this portathon,” tweeted BlackBerry Development Head Alec Saunders. “Feel like I’ve run a marathon.”
RIM will formally raise the curtain on the new BlackBerry 10 line on January 30th.