Major Investor Loses Faith in RIM (RIMM), Begins Dumping Stake
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Research In Motion (Nasdaq: RIMM) is having one of its worst days ever Friday, and word on the Street is the company's sixth-largest investor has already begun selling off its position in the floundering maker of BlackBerry.
According to Bloomberg, Stephen Jarislowsky, chairman of Jarislowsky Fraser Ltd., said his firm is "on the way out" in an interview this morning. Jarislowsky Fraser held 10.2 million shares of RIM at the end of last quarter, and has reportedly dumped half of that stake already.
Commenting, Mr. Jarislowsky said, "They are resting on their laurels... Steve Jobs is a much better marketer than RIM."
RIM shares are under extremely heavy pressure Friday, currently down 22.2 percent to $27.49. Notably, shares of RIM have not been this low since 2006.
According to Bloomberg, Stephen Jarislowsky, chairman of Jarislowsky Fraser Ltd., said his firm is "on the way out" in an interview this morning. Jarislowsky Fraser held 10.2 million shares of RIM at the end of last quarter, and has reportedly dumped half of that stake already.
Commenting, Mr. Jarislowsky said, "They are resting on their laurels... Steve Jobs is a much better marketer than RIM."
RIM shares are under extremely heavy pressure Friday, currently down 22.2 percent to $27.49. Notably, shares of RIM have not been this low since 2006.
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