BlackBerry shares slide
Blackberrys disappointing launch in the US sees its shares slide by 4 percent.
TORONTO - BlackBerry stock fell nearly 4 percent on Monday after Goldman Sachs cut its rating, citing a disappointing U.S. launch for the smartphone maker's new touchscreen device that went on sale in the United States on Friday.
"Our retail checks at over 20 store locations since March 22, including at AT&T, Best Buy, and RadioShack, revealed a surprising lack of marketingsupport and poor positioning of the product," Goldman Sachs analyst Simona Jankowski said in a note to clients on Monday.
Jankowski also said advertising of the product launch was limited.
"As a result, despite the product itself being relatively well received by sales associates and online reviews, sell-through at most locations was less than 10 per day," said Jankowski.
The brokerage firm cut its rating on shares of BlackBerry to "neutral" from "buy."
BlackBerry shares were down 3.9 percent at $14.33 in trading before the morning bell in the United States.
More in Business
-
#RandReport: Rand jittery as US yields hit multi-year highs; stocks flat
-
French police grill tycoon Bollore over Africa graft allegations
-
KPMG faces possible shareholder protests in US
-
‘Cash-strapped SAA urgently needs fresh cash boost to keep going’
-
Mineral Resources to appeal ruling on black ownership threshold
-
Global wine output in fall
Comments
EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.
comments powered by DisqusHowever, we will NOT condone the following:
- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.
We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.
We strive to make the EWN community a safe and welcoming space for all.
EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.
Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.
EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.