Tag: S&P

RIM stock affected by Nortel rejection during bankruptcy auction



RIM stock fell 1.43% to $81.99, after Nortel rejected their offer for CDMA and LTE technology being auctioned due to Nortel’s failing business.

The auction is part of bankruptcy protection proceedings and Nortel is claiming that RIM had refused to comply with the court approved procedures.

Overall, Canadian stocks are doing well, and the US economy is showing signs of stabilizing. Federal Reserve Chairman Ben S. Bernanke is optimistic, as all three major indexes in the US closed in positive territory.

The S&P 500 was up 3.45 points, or 0.36%, to 954.58 and the NASDAQ composite index closed at 1,916.20, up 6.91 points, or 0.36%.