Research In Motion Ltd., the maker of the BlackBerry smartphone, is trading at its highest level in almost a year amid signs that demand for Apple Inc.’s market-leading iPhone is ebbing.
RIM’s stock rose 10 percent to $14.95 at the close in New York, climbing to the highest price since Feb. 17. The move followed a 14 percent gain on Jan. 11, the previous trading day.
Apple reduced its orders for iPhone 5 screens this quarter, Japan’s Nikkei newswire reported today, signaling that demand is slowing. After years of losing market share, RIM is counting on its new BlackBerry 10 lineup to win back customers from Apple and Google Inc.’s Android. The Waterloo, Ontario-based company plans to unveil the phones on Jan. 30, before they go on sale in February and March.
RIM’s stock has more than doubled since late September, fueled by optimism that the struggling company can build a comeback around BlackBerry 10. Sprint Nextel Corp. reiterated its support for the BlackBerry last week at the Consumer Electronics Show, ensuring that all of the largest U.S. carriers will offer the new phones.