Research In Motion Shares Plummet After Apple iPhone Announcement

5:30 am on January 10, 2007 | Category: Business, Mobile Devices, Cell Phones, PDAs, Email

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Research In Motion shares dropped by about 7% on the TSX yesterday after Apple Inc. unveiled its revolutionary iPhone device, which is expected to compete with RIM on the wireless email and multimedia fronts.

The iPhone boasts a touch-sensitive screen, compatibility with iTunes, built-in Wi-Fi, and most threatening of all to RIM’s BlackBerry devices, free push email service.

There had been some speculation in recent months that Apple and Research In Motion could collaborate on a music-enabled “AppleBerry” device, but these rumors were shattered when Apple announced its wireless email partnership with Yahoo! Mail yesterday.

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