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24/7 Wall St. TV: RIM (RIMM) Shrugs Off China News
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The market shrugged off news that RIM (NASDAQ:RIMM) has a new distribution partner in China, perhaps because early sales results for the Apple (NASDAQ:AAPL) iPhone have been so poor.
RIM, maker of the Blackberry, said it would form a partnership with Digital China to expand availability of the smartphone in the world’s largest cellular market based on subscribers.
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Digital China is part of Legend which also controls Lenovo, the PC company that bought the IBM (NYSE:IBM) personal computer business.
According to Reuters, RIM and China Telecom will hold a news conference on Tuesday which will probably be an announcement of a Blackberry distribution arrangement.
RIM shares are only up 2% on the news. This may be because the early results of Apple’s relationship with China Unicom (NYSE:CHU) to sell the iPhone has been a failure because only a few thousand phones were sold in the early days after iPhone sales in China began.
Douglas A. McIntyre
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