RIM Shares Gain on Speculation Company Hired Strategic Adviser
Research In Motion Ltd. (RIM), maker of the BlackBerry smartphone, advanced on speculation that the company has hired a strategic adviser.
RIM rose 5.3 percent to $16.44 at the close in New York. The Waterloo, Ontario-based company’s stock has jumped at least 5 percent more than 10 times since the beginning of August on speculation a decline in its valuation will invite a takeover.
“That’s what’s driving it, exactly,” said Matt Thornton, an analyst at Avian Securities LLC in Boston. There have been several similar rumors recently, said Thornton, who rates RIM “neutral.” “Whether this has any more meat to it, is hard to say.”
Heidi Davidson, a spokeswoman for RIM, said the company doesn’t comment on market rumors or speculation.
To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net
To contact the editor responsible for this story: Ville Heiskanen at vheiskanen@bloomberg.net
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