Remember that stock surge RIM had been riding for the past couple of weeks since they announced their first fiscal quarter earnings? A quick look today shows that those gains have now completely dissipated, with RIM’s stock (NASDAQ:RIMM) dropping to 62.70 USD by yesterday’s close. RIM’s stock had closed at 65.98 USD on the day of their earnings release.
Previously, we had told you that RIM’s stock might even out as investors stopped being excited by their earnings report and started asking “what’s next?” While we still think that’s a contributing factor, we also feel that market forces outside of RIM’s control (the escalating violence in the Middle East, and the market’s general disdain for tech stocks at the moment being two good examples) are doing their fair share as well. Whatever the case may be, we’re definitely sure that reports like the one that came out yesterday won’t endear investors to RIM any time soon.