PDA Stock Prices to Plummet:
Research In Motion Shares May Plummet, Forbes Magazine Says
10/29/00 3:37:00 PM
Source: Bloomberg News
URL: cnetinvestor.com
Waterloo, Ontario, Oct. 29 (Bloomberg) -- Research In Motion Ltd. shares may lose more than a third of their value as makers of wireless handheld devices become the next group of technology companies to see a stock selloff, Forbes reported in its ''Streetwalker'' column.
Research In Motion, a Canadian maker of wireless devices for sending and receiving e-mail, recently traded for as much as 1,462 times earnings and had a market value as high as $9.3 billion on revenue of $119 million a year, the magazine said.
Billy Bowden, analyst with Ameri-First Securities, is betting that wireless device-makers such as Palm Inc., Handspring Inc. and Research In Motion will drop, and Research In Motion has the furthest to fall, Forbes said.
Bowden suggests covering short positions in the stock at $60. Research In Motion fell $2.56 to $99.94 on Friday. (Forbes, 10/13 p. 372) |
