Research In Motion Ltd. fell the most in more than two months as investors speculated that the BlackBerry maker’s possible acquirers are dropping off.
RIM declined as much as 7.5 percent, erasing gains made late last week when the company said it wouldn’t rule out a sale of the company as part of its strategic overhaul.
“There are not that many buyers left” that could potentially bid for RIM, said Roger Entner, an analyst at Recon Analytics LLC in Dedham, Massachusetts. “BlackBerry is running out of sugar daddies.”
Chief Executive Officer Thorsten Heins said last week RIM is exploring the possibility of licensing its new operating system and partnerships after reporting sales that missed analysts’ estimates for a fifth consecutive quarter. He said he would consider a sale of the company while stressing that is not the “main direction” for RIM.
RIM slid 7.2 percent to $13.33 at 12:08 p.m. New York time after falling as low as $13.30 for the biggest intraday drop since Jan. 23. The stock gained 7.1 percent on March 30, the day after Heins laid out the company’s strategic options. Today’s decline leaves the stock 76 percent lower than where it was 12 months ago.
“My gnome is hearing that all bidders have walked from RIM,” Douglas Kass, founder of hedge fund Seabreeze Partners Management, said in a Twitter post today. In a phone interview, he confirmed the post was his.
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