TORONTO – Research In Motion (TSX:RIM) stock bounced back Thursday from some of the heavy losses it suffered last week when the issue got hammered after the BlackBerry maker disclosed a change in the fee structure for services used with its smartphone devices.
On the Toronto Stock Exchange, RIM shares jumped $1.20 or 11.43 per cent to close at $11.70.
RIM shares had gained ground Wednesday on U.S. markets while the Toronto Stock Exchange was closed and the TSX followed Nasdaq’s lead on Thursday.
In New York, RIM shares (Nasdaq:RIMM) initially continued move higher Thursday but later retreated and closed down six cents or 0.55 per cent at US$11.76.
The stock had plunged about 25 per cent last week as analysts raised concerns about less revenue from the lucrative service fees charged by the company to use its secure network.
The stock had been on a roll most of December on rising optimism about the new BlackBerry 10 lineup, which is being launched at the end of January.