6th-Biggest Investor Sells Half of Stake on Marketfyi
https://www.bloomberg.com/news/2011-06-17/rim-s-sixth-biggest-investor-jarislowsky-sold-half-its-stake.html
RIM’s Sixth-Biggest Investor Sells Half of Stake on Market-Share Concern
By Jonathan Erlichman and Hugo Miller - Jun 17, 2011 6:09 AM PT
Research In Motion Ltd. (RIM)’s sixth-biggest investor said it has sold over half its holdings in the BlackBerry smartphone maker as the company loses market share to rivals such as Apple Inc. (AAPL)
“We are on the way out. The stake has been reduced by more than 50% or even more,” Stephen Jarislowsky, chairman of Jarislowsky Fraser Ltd., said today in an interview. The Montreal-based investment firm held 10.2 million shares of RIM at the end of the first quarter, worth about $361 million, according to RIM’s closing share price yesterday.
“They are resting on their laurels,” Jarislowsky said. "Steve Jobs is a much better marketer than RIM,’’ he said, referring to Apple’s chief executive officer.
RIM yesterday said second-quarter revenue will be $4.2 billion to $4.8 billion, missing the average analyst estimate of $5.47 billion. Profit this quarter will be 75 cents to $1.05 a share, while analysts had predicted $1.40.
RIM, based in Waterloo, Ontario, plunged as much as 19 percent to $28.65 in early U.S. trading.