Research in Motion, the parent company of Blackberry, will now only be known as BlackBerry.
In addition to the new branding, RIM is changing its stock symbols to reflect it. BBRY for NASDAQ, BB for TSX.
After this announcement was made on Wednesday, investors were negative ... and the stock tanked.
The stock had been up as much as 5% on Wednesday to $16.62 a share leading up to the BlackBerry 10 launch event. After CEO Thorsten Heins unveiled the new BlackBerry 10 phones, however, the stock did a 180 and plummeted by 11% from the day's high, falling to as low as $14.41 a share — a loss of 6% for the day.
Is the stock fall over an hour on the trading day such a bad thing though? BlackBerry stock is still up 25% since January 1. In the meantime, Apple is down 13% since January 1.
In the BB10 announcement Heins thanked RIM's developers for, "bringing the company to the future."
There's a lot riding on the RIM ... er, Blackberry ... announcement. This will prove to be a pivotal moment in the story of Research in Motion, a technology giant that has fallen from 40% U.S. market share to 2% in just three short years.
RIM stock has dropped from a high of $148/share in the summer of 2008 to $15.71 as of close-of-market on January 29. Investors have lost all confidence in the ability of Research in Motion to release a product that consumers are interested in, much less recapture a significant portion of the cut-throat mobile phone market.
The comapny has 12,000 employees worldwide now.