Wasn't The iPhone Supposed to Hurt RIMM?
Friday, June 29, 2007 at 03:27AM When the iPhone was first unveiled in January, one of the major reactions outside of Apple's (AAPL) stock was in Research in Motion (RIMM), as the stock immediately fell $11 on the day Steve Jobs first announced the new product. Some said the iPhone and its crisp graphics and sleek design would hurt sales for RIMM. So far that doesn't seem to be the case. After reporting better than expected earnings results last night, RIMM is trading up 18% from yesterday's close and is now outperforming AAPL by a considerable margin since the unveiling of the iPhone (+49% vs. +31%) on January 9th.
In the table below, we have highlighted all large gap openings (greater than 10%) for RIMM since 2003 along with the reason for each of the moves. Based on these occurrences, the average gain from the open to close is 3.7%, although we would note that the results are somewhat skewed by the 19% gain on 12/23/03.
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