RIM Stock Plummets

The Canadian tech company posts its lowest stock earnings in five years.

Slow BlackBerry sales and analyst downgrades plunged Research In Motion's shares to its lowest level in five years on Friday. RIM's stock plummeted 21 per cent on the Toronto Stock Exchange, closing at $27.24 with more than 16 million shares traded, which made it the second-most active stock on Canada's largest market. Jarislowsky Fraser Ltd., the fourth-largest holder of RIM shares, confirmed it had sold 50 per cent of its RIM holdings on Friday. Chairman Stephen Jarislowsky told Bloomberg News that RIM was "resting on its laurels." The Waterloo, Ont.-based company had disappointing earnings on Thursday, making Friday the first chance for investors to respond to the poor showing.