Research in Motion (RIM) dropped 7.13 (20.74%) closing at $27.24 on the Toronto markets on friday, after lowering its annual forecast and warning on product delays.
RIM now expects the flagship Blackberry Bold to arrive in late-August, likely missing the back-to-school sales.
Apple's iPhone 5 is expected to be released some time in September 2011.
RIM now touches on a downward trend that began in late-2008.
Dozens of analysts downgraded the stock after the earnings report. RIM traded on 8 times normal average volumes on the Toronto market.
Other than announcing layoffs to reduce costs in support of older products and providing additional breathing room to hire on development of its new products, RIM's management structure is not changing.
This is a disappointment for shareholders, because the necessary change at the top will mean further product delays, poor operational execution of new product delivery, and a smoother rollout of the playbook tablet.
The long-term chart shows where RIM shares stand relative to its competitors.
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