Reuters: Global Markets: BlackBerry shares hit by Pacific Crest report

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BlackBerry shares hit by Pacific Crest report May 7th 2013, 19:34 Tweet Share this Email Print Related News BlackBerry Q10 sells strongly in Canada, Britain: analyst Fri, May 3 2013 BlackBerry set to add Skype to its app line-up Wed, Apr 24 2013 Celestica expects revenue to improve in current quarter Tue, Apr 23 2013 Microsoft CFO to leave; profit, shares rise Thu, Apr 18 2013 BlackBerry returns not abnormally high: Jefferies Tue, Apr 16 2013 Analysis & Opinion Blackberry Q10: The key is the keyboard Related Topics Tech » Hot Stocks » Asian Markets » Blackberry Z10 boxes are seen at a Rogers store in Toronto February 5, 2013. Credit: Reuters/Mark Blinch TORONTO | Tue May 7, 2013 3:34pm EDT TORONTO (Reuters) - Shares of BlackBerry slid more than 5 percent on Tuesday after Pacific Crest Securities issued a downbeat report on sales momentum for smartphones running the company's new BlackBerry 10 operating system. Pacific Crest analyst James Faucette, who has a underperform rating on the company's stock, said he believes initial shipment and sales volumes for the BlackBerry Q10 - a device that comes with a physical keyboard - have not been strong. Faucette said sales of the BlackBerry Z10 - a full touchscreen device also powered by the new BB10 operating system - are slowing down as well. "We believe the production levels of 1.5 million to 2 million units per month are well in excess of the sell-through," Faucette said in a note to clients on Tuesday, adding that the company is likely going to be forced to cut production levels. The Pacific Crest report comes less than a week after Jefferies analyst Peter Misek said sales of the Q10 were strong in both Canada and Britain - the two countries in which the device has been launched. BlackBerry's volatile shares were down 5 percent at $14.80 in afternoon trading on the Nasdaq, while its Toronto-listed stock was down 5.5 percent at C$14.88. ($1=$1.00 Canadian) (Reporting by Euan Rocha; Editing by Peter Galloway) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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