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BlackBerry (BBRY): The Mr. Magoo of Tech Giants

September 18, 2013 4:46 PM EDT
BlackBerry (Nasdaq: BBRY) is seemingly trying to dig a bigger hole for itself.

Today, BlackBerry announced the launch of its Z30 smartphone (commentary here). While it might be an incredible device, the move comes as Apple (Nasdaq: AAPL) held it iPhone 5s and 5c event last week, with sales expected to start on September 20th.

Also, BlackBerry company announced that it will bring its popular BlackBerry Messenger (BBM) will be coming to Android and iOS on September 21st and 22nd, respectively. First, the announcement come out right when the market was focused on the FOMC meeting minutes as many expected the Fed to announce it would begin tapering quantitative easing (QE3) measures. Second, BlackBerry is making BBM available the same weekend that iPhone 5c and 5s sales start.

An argument might be made that BlackBerry couldn't have foreseen when Apple was launching its next device and/or it takes months of prepping to put these sorts of plans into action. That might be true, unless you look back over the last few years and realize that September/October is generally when Apple generally launches its key products.

While a sale of some part of the company is expected to happen, given recent moves by management, it's hard to keep confidence in this company. But, just like the classic cartoon character Mr. Magoo, the company will probably find itself on the right plan amid a series of missteps. Probably through sheer luck over corporate prowess and foresight.

Shares of BlackBerry finished 1.5 percent lower Wednesday.


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