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Disambiguation: This is the main article on Research in Motion, a Canadian company that is also listed at the Toronto Stock Exchange (TSX) under the ticker symbol RIM:CA. For a price quote on the TSX-listed stock, please visit RIM:CA

Research In Motion Limited (TSX: RIM, NASDAQ: RIMM) is a Canadian wireless device company. It is best known as the developer of the BlackBerry handheld communication device.^[1]

According to the Toronto Stock Exchange (TSX) website, "RESEARCH IN MOTION LTD. is a designer, manufacturer and marketer of wireless solutions for the mobile communications market. Through development and integration of hardware, software and services, the Company provides solutions for access to information including email, messaging, Internet and intranet-based applications".Summary from Toronto Stock Exchange

Summary Snapshot

As 2007 starts RIMM is in the process of proving that it can repeat in a share of the consumer market, the loyalty and premium pricing that it historically enjoyed in the business corporate market. Its vehicle is the recently introduced consumer-oriented Pearl. At the same time, RIM intends to monetize its investment in the developemnt of the Pearl by introducing a mixed-use, 'prosumer' product, the 8800, that can please both corporate and retail customers.

In this so-called 'smartphone market', RIMM competes with the Motorola 'Q', the PALM 'Treo' series, the Nokia 'E' series, and the Samsung 'BlackJack.' All, except for PALM, benefiting from the resources and backing of companies larger and more capitilized than RIMM. The only major independent remaining competitor, PALM, is rumored to be in process of been acquired by a more highly capitalized parent of equity group.

Key People

Jim Balsillie, Chairman and Co-CEO; Mike Lazaridis; President and Co-CEO; Dennis Kavelman, CFO; Don Morrison, COO; Larry Conlee, Chief Operations Officer; David Werezak, VP, Enterprise Business Unit; Mark Guibert, VP, Corporate Marketing; Ms. Edel Ebbs, Investor Relations, investor_relations@rim.net, 295 Phillip Street Waterloo, ONT N2L 3W8 Canada, (519) 888-7465^[2]

Background

For more on the history, background and products of Research in Motion, see History of Research in Motion Ltd. (RIMM).

The first BlackBerry was released in early 1999 and was successful early on due to solving the "two mailbox" problem. This was the problem of having a wireless mailbox and a corporate mailbox. RIM was the first to provide a "one mailbox" solution with a combination of their proprietary devices, middleware software (BlackBerry Enterprise Server) and a network operations center (NOC) located in Canada that retrieves e-mail using triple DES encryption and "pushed" (push e-mail) it to the connected devices.^[1]

While including the usual PDA applications (address book, calendar, to-do lists, etc.) as well as telephone capabilities on later models, the BlackBerry was primarily known for its ability to send and receive emails wherever it could access wireless networks of certain cellular phone carriers. It had a built-in keyboard, optimized for "thumbing", the use of only the thumbs to type. System navigation was primarily accomplished by the trackwheel (or "thumbwheel"), a scrolling wheel with a "click" function, located on the right side of the device. The devices became popular with businesses and professionals, primarily for e-mail access to roaming employees.^[3]

Cellular phone integration

The first BlackBerry integrating a cell phone, as well as the first BlackBerry sold outside of North America was released in 2001, using the European GSM / GPRS standard. Since then, RIM has released a variety of devices running on GSM, CDMA and Motorola iDEN networks. The ubiquity of these BlackBerry devices in the corporate environment and the compulsive use of its ability to quickly send and receive e-mail has earned it the nickname "Crackberry," as users feel they can not live without it.^[1]

Corporate 'push-email' products

RIMM built its strenght in the corporate market, with 'push-email' offerings. It uses BlackBerry Enterprise Server (BES) a middleware software package that is part of the BlackBerry wireless platform. BES connects to messaging and collaboration software (Microsoft Exchange, Lotus Domino, Novell GroupWise), on enterprise networks, and synchronizes email and PIM information between desktop and mobile software.^[4] With BES, the BlackBerry device becomes an extension of the desktop, with messages delivered nearly instantaneously, and calendar and contact changes synchronized between the device and the server as they are made.^{[citation needed]}

Legal disputes

In 2001, RIMM sued competitor Glenayre Electronics Inc. for patent infringement, partly in response to an earlier infringement suit filed by Glenayre against RIMM. RIMM sought an injunction to prevent Glenayre from infringing RIMM's patents.^[5] The suit was ultimately settled.^[1] In 2002, RIMM was sued for patent infringement by NTP Inc. in the United States District Court for the Eastern District of Virginia. During their defense, RIMM attempted to show that NTP's patents were invalid as wireless email technology existed at the time NTP filed their patent applications. However, RIMM performed a demonstration to the court, but utilised certain parts from after the priority dates of the patents in question and the demonstration was not considered by the jury. The patents were found valid and willfully infringed and damages were assessed at US$ 23 million dollars.^[6]. RIMM appealed against the finding that the infringement was willful, but were unsuccessful (a finding of willful infringement can lead to higher damages than mere infringement).^[1]

During the appeals, RIMM discovered new prior art that raised a "substantial new question of patentability" and filed for a reexamination of the patents of the NTP patents in the United States Patent and Trademark Office (USPTO.) That reexamination was conducted separately to the court cases for infringement. In February 2006, the USPTO rejected all of NTP's claims in three disputed patents. NTP appealed the decision, and the reexamination process was still outgoing as of July 2006.^[1]

On March 3, 2006, RIMM announced that it had settled its BlackBerry patent dispute with NTP. Under the terms of the settlement, RIMM agreed to pay NTP US$ 612.5 million in a "full and final settlement of all claims." In a statement, RIMM said that "all terms of the agreement have been finalized and the litigation against RIM has been dismissed by a court order this afternoon. The agreement eliminates the need for any further court proceedings or decisions relating to damages or injunctive relief."^[1]

On May 1, 2006, RIMM was sued by Visto for patent infringement.^[1]

Smartphones

In August, 2006, RIMM launched the consumer-oriented BlackBerry Pearl^{[7][8][9][10][11]}, a GSM cellular smartphone, the first Blackberry device with a camera and multimedia features. It used a modified QWERTY layout on a 4 row 5 column keypad, with a predictive input algorithm known as SureType^[12]. Typing on a Pearl was different than the use of other non SureType BlackBerry devices. It supported the full range of BlackBerry enterprise functionality. Unlike most BlackBerries, it included a music player and other multimedia features. It required the purchase of a MicroSD memory card to support storage of multimedia files beyond the 64MB provided internally. Most notably, the Pearl used a white trackball similar in appearance to a white pearl instead of the traditional BlackBerry scroll wheel to facilitate horizontal scrolling and is the origin of the its name. It originally became available with the T-Mobile and Cingular networks in the U.S., Airtel in India, Rogers Wireless in Canada, Vodafone in New Zealand and all networks in the UK.^[1]

Smartphone rally?

From the start of August 2006, RIMM outperformed its competitors Palm, Nokia and Motorola, possibly in antipation of the September launch of the Pearl. Some analysts were initially skeptical that RIMM would be able to offer a consumer product as desirable as its offerings to corporate customers.^[13] By October 2006, more information was becoming available on the so-call 'Indigo', or BlackBerry 8800, a version of the Pearl targeted at business customers.^[14] After the Pearl launch, some analysts upgraded their view of RIMM^[15], and it continued to outperform its peers during September 2006, possibly also in anticipation of a positive Q2/2006 earnings report.^{[citation needed]} The chart on the right shows the degree by which RIMM outperformed PALM, NOK and MOT during this period.

Q2/2006 earnings and guidance

After the close of trading on September 28, 2006, RIMM released better-than-expected Q2/2006 earnings of 74 cents a share on revenue of US$ 658.5 million. Excluding regular stock option expenses, preliminary adjusted net income was 77 cents a share. Analysts polled by Thomson First Call had forecasted earnings of 71 cents a share on revenue of US$ 644 million. RIMM also forecasted higher-than-expected Q3/2006 earnings. In after-hours trading, RIMM gained 16% to US$ 99.65.^[16] RIMM opened the trading session at $102.19, before closing at $101.73, after an intraday high of $104.50 on volume of 34.3 million shares. RIMM went on to make new highs in seven of the following eight weeks, reaching $142.66 on November 24, 2006. One analyst stated that RIMM standed "at the convergence point of the world�s two largest markets: wireless and Internet,... RIM is addressing the opportunity unlike any competitor and is seeing accelerating adoption while competing products have been underwhelming."^[17]. A new intraday high of $145.23 was attained on January 8, 2007.^[18]

iPhone sell-off; then recovery

On January 9, 2007. Apple Inc.'s Chairman Steve Jobs announced the iPhone, a next-generation smartphone. The announcement helped AAPL shares climb 15% by the following session, on volume of more that 100 million shares in both days. It also triggered a sell-off of several established smartphone manufacturers, and especially of RIMM. Some analyst revised their forecast for the growth in sales of the Pearl, assuming it would be in more direct competition with the iPhone, with the multimedia capabilities of the iPhone offsetting the email proficiency of the BlackBerry platform for many potential Pearl users.^[19][20] Analysts at Citi even based their projection of shipments of the iPhone in 2008 on the Pearl, assuming AAPL would sell six or seven iPhones for each Pearl.^[21] As AAPL products were traditionally in white color and the color chosen for the new iPhone was black, RIMM, whose products were traditionally black or gray, announced, on January 14, a white color Pearl.^[22] By the end of January, AAPL had retraced all its iPhone-related gains and the phone makers had, in varied degres, recovered from their short-term lows, led by Motorola. RIMM lagged further in the recovery, while some analysts focused on the potential for future Pearl-iPhone competition.^[23] As part of the marketing campaign, RIMM created a homepage for the 'BlackBerry Mascot' at social site MySpace.com. The earliest posting was dated January 24, 2007. It invited BlackBerry fans to name the mascot, and offered promos and downloads, including the animated mascot displayed at left.^[24]

RIMM's Chairman on music downloads; RIMM upgraded

On February 21, 2007, RIMM Chairman and co-CEO Balsillie presented at the 2007 RBC Capital Markets Communications, Media & Technology Conference.^[25] In it, he predicted that the BlackBerry would become soon the music player of choice for consumers; that the entertainment industry's efforts to protect its content online are holding up development of the wireless industry; and that digital rights management (DRM) software that controls how consumers access and use the tracks they buy online has become a messy process that essentially charges people twice for the same music if they use incompatible devices and discourages the wider adoption of portable digital music. "I think [DRM is] just going to break down with the normal proliferation of the Internet," ... "It's going to be tough. I think [content providers] are going to have to shift their business models. But they will go down swinging." "Apple has done us an enormous favour by saying you should expect music on your cellphone,� he said. "[But] I think it's 10 if not 100 times harder to do the communications aspect onto an MP3 player than to do the mass media player onto a communications framework. I think we'll absolutely nail it before some new entrant comes even close. You know, everyone's brave in the locker room. Let's get it done."^[26]

Before the opening of trading on Monday, February 26, 2007, a RBC Capital Markets' analyst upgraded RIMM to "outperform" from "sector perform" and increased his target price to $180 from $145, saying the company should be able to withstand competition from AAPL and that his industry contacts suggested pent-up demand in the second quarter of 2007 for the CDMA handheld devices RIMM has partnered with Qualcomm.^[27][28] The RBC analyst also stated that "if management executes its strategy successfully and expands its addressable market, we believe investors will focus on RIM�s accelerating momentum, accepting some margin declines and higher hardware mix along the way." By the close, RIMM (chart at left) gained around 5%, at a new high of $146.77 ($147.05 intraday.) A Goldman Sachs (GS) analyst was even more bullish with a US$185 price target on RIM shares, saying that while it appeared that AAPL and RIMM were chasing the same customers, he thought both could prosper at the expense of other vendors.^[29] The GS analyst also believed that RIMM was "at an inflection point", with a brand survey of 9,000 consumers in the U.S., U.K., China and India, showing 11% of respondents planned to buy a BlackBerry device though only 0.3% actually own one. Moreover, the brand name now evoked substantial "emotional" differentiation versus brands of competitors, "people are really getting worked up over this stuff. With more and more models coming out, carriers willing to subsidize a greater portion of the cost of the device, and a strong following still in the corporate world, RIMM may be set for a 32% rise to $185," he said. As of December 31, 2006, GS owned 4.9 million RIMM (down from 7.2 million shares), the 8th largest institutional holder.^[30]

8800, the QWERTY, corporate Pearl

On February 12, 2007, RIMM formally announced the 8800 smartphone^[31], the thinnest handset in its BlackBerry product line. It included a full QWERTY keyboard, a trackball navigation system, a built-in global positioning system and a microSD expandable memory slot.^[32] The 8800 was priced at US$ 299 (after a $50 rebate) with a two-year service contract from AT&T (old Cingular). It retained most of the Pearl's features, including its black-and-chrome finish and a Pearl-like roller ball for navigation in place of the traditional BlackBerry scroll wheel on the right side of the unit, that some left-handed users found awkward. The 8800 was an updated version of the current BlackBerry flagship, the also full-sized, QWERTY key-boarded, the 8700. It was about the same width as the 8700 and slightly longer, but 5 mm thinner, despite being featured with a larger battery.^[33] In response to the preferences of the 8800/8700 target traditional BlackBerry customers in corporations and governement, the 8800 did not feature a camera, but included a GPS receiver with TeleNav navigation software. That was despite that the AT&T network, unlike Sprint and Verizon Wireless, did not offer network location data and the BlackBerry's GPS had to rely exclusively on satelites to establish its location, a slightly slower process. In addition, the 8800 used Cingular's medium-speed service, EDGE, rather than its faster 3G network. The 8800 also features the same 8700 full-sized keyboard, with just one letter per key vs. two on most Pearl keys, allowing for the use of one-key shortcuts that work only on full-size BlackBerry keyboards.^[33] The final version of the 8800 did not offer WiFi support, allegedly due to technical glitches, and to the company being unwilling to delay the initial model. The WiFi-enabled 8820 version was expected to launch mid-year.^[34]

Market impact of the 8800

As the reviews of the 8800 trickle in, RIMM remained a 'market performer', neither clearly out or underperforming its competitors as group (chart at right). That changed with the February 26 RBC upgrade (see section above.) The 8800 was featured in the March 5, 2007 BusinessWeek magazine's column 'Technology & You,' first published online on February 22, 2007.^[33] On February 21, it became known that the 8800 was featured in a forthcoming column of The Wall Street Journal's The Mossberg Report and that, in it, journalist Katie Boehret wrote: "...this device's keyboard...left me frustrated no matter how many emails I typed...Instead of using essentially flat keys like those on older BlackBerrys, each key on the 8800 has a slight, distinguishing ridge that I found annoyingly restrictive; my thumbs had to be in exactly the right positions to type well. Keys on the older keyboards can be tapped from any direction or angle."^[35][36] The engineering of the keyboard of the 8800 had been underlined by Co-CEO and President Lazaridis, who said: "What the 8800 does is completely redefine what is considered a top-of-the-line phone. Not only do you get the BlackBerry experience, but this sets the standard for the appearance of these products. When you look at it the first time, it's kind of beguiling because of the way we integrated the keyboard into the industrial design. It doesn't look complicated. The second thing is that the 8800 has the largest battery in its class, and look how thin it is. So we've put a lot of engineering into making sure that the battery technology in this product didn't compromise the industrial design. It's also a no-compromise experience. And it doesn't stress you out in any way. You're not worrying about it crashing or resetting. It's not refusing to send for some reason or not receiving e-mail. That's what we spent the last decade getting right, and now we're refining the look and feel of these things."^[37] On the lack of camera in 8800, as compared to the Pearl, Lazaridis said thet "clearly, when you buy a BlackBerry there is a certain status associated with it, a quality of experience that you associate with it. Now what's happening is the carriers are recognizing the value of selling this product. So you're starting to see prices become more attractive with prosumers and even consumers. Right now you can get (the Pearl) for $149, which is a great price. I think all these things contribute to what you just said. We wanted to make the (8800) the best BlackBerry we could ever make, and the only conscious decision here was no camera... not just security reasons. It's just accepted through the majority of our corporate customers that they don't want to buy a device with cameras, especially if it's corporate-issued. They believe it takes on too much liability. So when they provide you with (an 8800) they have total control. But there's still a growing customer base that love the power of the platform but like using the camera because we make sending pictures really easy. There's nothing to set up. This product not having a camera doesn't mean that all future BlackBerrys won't have cameras."^[37] On the relatively large battery chosen for the 8800, Lazaridis said: "If you look at what we've done, we've put a bigger battery in this product. Well, why did we do that? Well, one, we wanted to provide a no-compromise solution-and it was hard, by the way, to get the device this thin and put this size battery inside. But we also had to prepare for GPS and other features that are going to be inside the product. So we had to get people comfortable with bigger batteries."^[37] Lazaridis welcomed the iPhone, but doubted the attractivess of an all-touchscreen device for many: "First of all, this is a huge industry, and there's going to be lots of opportunity for differentiation. Hats off to Apple and Steve. He's basically shown the world that smart phones are cool. Smart phones are attractive and they're desirable. The problem is that, in the past, his company has always innovated into a new field. Now, he's innovating into an established, very mature industry with highly successful incumbents, so it's going to be a little different. The fact he's put a touchscreen on a product really isn't seen as innovative. I'm sure there are innovative features in it, but the touchscreen is not new. In fact, touchscreens didn't catch on the way people expected. People are very tactile. BlackBerrys are very tactile. We spent a lot of time on this keyboard because it's really hard to have both form and function excel at the same time. With the 8800, it's almost like a soft touch. It's easier to type on than any BlackBerry in the past."^[37] On the rumored CDMA launches in the second quarter if 2007, he added: "One of the great things about the BlackBerry is that because it's a Java environment, it really allows us to quickly port the BlackBerry experience to other devices and to bring along with that a very high level of fit and finish. We're not having to re-debug the applications. That allows us to very quickly put out new products. We have a really great relationship with the CDMA carriers, and we've launched very successful products with them, so I wouldn't be surprised if we have products coming in the future."^[37]

China-led sell-off, Feb 2007

A few hours after RIMM reached a record high of $146.77 at the close of February 26, 2007, a sell-off of Chinese stocks in Asia spread globally. In US trading, RIMM opened below $144 and traded briefly below $136 a share. The chart shows the relative performance of RIMM during the highs, the sell-off and the partial rebound the next day. It can be noticed that the recent outperformance of RIMM did not translate into any clear underperformance during the sell-off or rebound, as it performed in tandem with peer Motorola. Nokia underperformed during the rebound and PALM extended its outperformance to the group of the previous two weeks (chart above) with a rally of its own. Research firm ThinkEquity noted that it believed that the "China Effect" made for a compelling buying opportunity in RIMM, as the company was well positioned with the new 8800 alongside the already-proven popular Pearl. It encouraged investors to take advantage of RIMM weakness from the China market fallout. ThinkEquity expected a strong upgrade cycle to propel the stock higher. As there was then a 19% upside to price their target of $169, they upgraded RIMM to 'Buy.' The firm's $165 price target reflected a 33x multiple on calendar 2008 EPS estimate of $5.00 and was based on a PEG of 1.5. It believed further significant share price appreciation was more likely than not, given the winning features of the 8800. While they still believed that the competitive environment in the smartphone space was going to get "hot as Hades," they thought RIMM had a winner on its hands.^[38]

PALM takeover rumors

RIMM only other major independent remaining competitor, PALM, was rumored during late 2006 and early 2007, to be in process of been acquired by a more highly capitalized parent, possibly NOK, or a private equity group.^[39] To that date, all recurring rumors of a sale of PALM had been untrue. In June 2006, there was a rumor that PALM and RIMM would announced a merger of their own.^[40][41][42]

Models and Estimates

The market for wireless e-mail and other applications grew 300% in 2006 according to an estimates from Visto Corp. at the 3GSM conference, in Barcelona.^[43]

In a February 10, 2007 report, Standard & Poor's highlighted:^[44]

• Following an estimated sales increase of 47% in FY 07 (Feb.), S&P expected revenues to increase more than 60% in FY 08 with entry into the wireless consumer market. It believed demand for the company's BlackBerry wireless e-mail device with new consumer products such as the Pearl would remain strong along with entry into overseas markets, but it saw increased competition from Motorola, Nokia, Palm and Samsung.
• After 2.5 million net subscriber additions in FY 06, S&P projected 3.2 million additions for FY 07 and 4.9 million for FY 08. S&P expected BlackBerry's average selling price (ASP) to decline from $335 in FY 07 to the $320 to $325 range in FY 08 with a shift from enterprise to more consumer users.
• S&P also expected higher unit volume growth to partially offset lower ASPs, but it believed gross margins would decline from 55% in FY 07 to 52% in FY 08. After operating EPS of $2.51 in FY 06, S&P estimated EPS of $3.30 in FY 07 and $4.55 in FY 08, which included $0.13 of projected stock option expense in both years.

Valuation and Risks

Apple announced its much-hyped iPhone, Microsoft (MSFT) is gaining momentum, as are HTC, Motorola, and Samsung, that continues to roll out aggressively-priced devices, as Windows Mobile 6 launches.

In its February 10, 2007 (RIMM, $134.21) report, Standard & Poor's made the following points:^[44]

• It believed RIMM was on track to grow its business with its expanded new products and early market penetration in new markets in Asia and Europe. However, S&P believed more pricing pressure from the leading handset makers would negatively affect BlackBerry's ASPs and margins in FY 08 even though more competition might stimulate the market for new subscriber activations.
• Risks to its opinion and target price included increasing acceptance of RIMM's products despite increased device competition, no software glitches or shipment delays, no network disruptions or poor levels of service, and full marketing cooperation from network carrier partners that favor BlackBerry over devices from other leading vendors.
• RIMM had recently traded above peer levels, at about 41X S&P's FY 07 EPS estimate. S&P believed RIMM would face more competition even though it was well funded to grow its business. Applying a P/E multiple of 36.4X to its FY 07 EPS estimate, well above peers to reflect the faster growth foresaw by S&P, it arrived at a 12-month target price of $120.

S&P concluded that its "risk assessment reflect[ed] (1) intense competition from larger and what [S&P] view[ed] as better capitalized companies, (2) RIMM's need to enhance its current products and develop new products to grow its BlackBerry customer base, and (3) its dependence on carrier partners to sell new BlackBerry devices." S&P gave RIMM a two-star, 'Sell,' rating.^[44]

On February 28, 2007, analysts at JMP Securities initiated coverage of RIMM with a "market perform" rating. They mentioned that the company was targeting to grow its share in the high-end consumer market and was expected to post its sales for the February quarter ahead of the consensus in view of the robust Pearl business and healthy early sell-in success of the 8800. The company's share in the international market was expected to have risen during the quarter, driven by the Pearl.^[45]

Blackberry Outages

Blackberry experienced major outages on February 13, 2007^[46] and April 17, 2007^[47]. The April 17 outage lasted approximately 12 hours and was caused by an insufficiently tested software upgrade. ^[48] The GigaOM blog asserts that RIMM attempted to smooth over the recent outage through a positive spin campaign in the Wall Street Journal.

Recent Developments

On March 5, 2007, RIMM issued a press release, as expected, with the results of an ongoing stock-options review.^[49] It also separated the roles of CEO and Chairman.^[50][51] In an interview , ex-Chairman, but still co-CEO, Balsillie said the company did not know it was running afoul of U.S. rules. "When we did this plan, there was a clause that said that if you got options for say, 100 shares, that were worth $1,000, and they increased in value to $2,000, you wouldn't have to write a check for the full $2,000 to exercise the shares," he said. "Instead, the company would give you the shares net of the difference. That's O.K. under Canadian accounting rules, but in the U.S. they have to be accounted for differently, as either a loss to income or a profit as the case may be."^[52] RIMM finished the session down $1.45, or slightly more than 1%, on the news, but stocks were generally down on the day.^[52]

Analyst James Faucette with Pacific Crest Securities in Portland, Ore., said that most stocks in the wireless device space were down, and RIM finished the day better than most. Faucette didn't think RIMM was facing any significant trouble from regulators as a result of the probe. "The SEC and the [National Association of Securities Dealers] have not done a ton of investigating given the number of companies that have been caught up in the options problems, especially given the depth and breadth of response from companies," he said. "It seems like RIM is doing its best to give the appearance of making things right." He maintained an "outperform" rating on the stock with a price target of $160 per share.^[52]

Co-CEO Balsillie also said RIMM added a million subscribers in the quarter just ended, the first time it has added that many in a single quarter, beating the prior guidance that called for 975,000 new subscribers. Previously, RIMM had said that it expected to report sales of between $900 million and $940 million.^[52]

S&P said: "RIMM announces today that it has made changes in its executive team and board of directors following an internal review of stock option grants by the company. While the accounting adjustments will not have an impact on prospective operating performance, we believe governance remains an important issue. RIMM is separating the roles of chairman and CEO by selecting an outside director as chairman. We see the creation of a president and COO role as a positive for running the business. But with the shares priced above peers at 30 times our fiscal 2008 (ending February) EPS estimate, our opinion is sell."^[53]

News Feeds

RIMM News Feed

07/25/08 8:07 am	A Tale of Two Tapes (at Minyanville.com)
07/25/08 5:07 am	Cramer's Take on Top-Searched Stocks (at TheStreet.com)
07/24/08 6:07 pm	[$$] A Report Card on Our Bearish Bets (at Barron's Online)
07/24/08 5:07 pm	UPDATE - SiRF posts wider-than-expected Q2 loss (at Reuters)
07/24/08 3:07 pm	AT&T Still Ringing (at Motley Fool)
07/24/08 1:07 pm	5-Star Stocks Poised to Pop: Activision Blizzard (at Motley Fool)
07/24/08 1:07 pm	Phone Apps For Adults (at Forbes.com)
07/24/08 11:07 am	Ballmer Addresses Analysts (at CNBC)
07/24/08 11:07 am	Microsoft's Ballmer Addresses Analysts (at CNBC)
07/24/08 9:07 am	This is Why I Threw Your Stock Away (at Motley Fool)

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