Bold Traders Bid Up RIM

Originally Published In the News May 12, 2008 11:45 AM
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Research in Motion’s (RIMM-NASDAQ) shareholders are celebrating the new all-time highs in the stock today courtesy of the “Bold”, the newly named Blackberry 9000.

But other news is driving the stock higher as well, including a new $150 million fund that will invest in new mobile applications:

Agnostic to both stage and balance sheet, the BlackBerry Partners Fund will not restrict the development of mobile applications and services to any single mobile platform or any specific industry segment. The Fund will be designed to advance the industry by fostering development and driving the entrepreneurial spirit to create the most innovative mobile offerings for customers.

“The mobile world has evolved well beyond phone calls and simple messaging to require more empowering and liberating solutions that connect people to everything that matters most to them, wherever and whenever they want,” said Jim Balsillie, Co-CEO, Research In Motion. “RIM, RBC and Thomson Reuters share the common belief that mobile applications and services will propel the industry forward and the BlackBerry Partners Fund is being formed to help fuel innovation and activity in the mobile ecosystem.” First Call

The news is not sitting well with many of Apple’s fans, who are calling it a bribe to develop applications for the Blackberry. The stock market does not seem to care; the scoreboard says new all-time highs for RIM. something Apple’s stock has not quite been able to achieve on the recent ramp.

It appears we might have two winners in smart phones, something that does not sit well with Apple fans who apparently want all the market cap to accrue to Jobs & Co.

RIM, RBC and Thomson Reuters to Anchor a $150 Million BlackBerry Partners Fund Focused on Investing in Mobile Applications and Services
First Call

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