It doesn’t seem like John Chen’s open letter to customers has done anything to change Wall Street’s mind about the future of BlackBerry. Yesterday the stock dropped below $6, and so far today’s market action is keeping it there. This marks a new low for BlackBerry shares. Last fall the stock experienced a substantial drop too, but never dipped below $6.
What’s driving the weakness? There doesn’t seem to be anything major in the news. The analyst at Wells Fargo reiterated a market perform rating on the stock, commenting that the company may need to offer enterprise customers discounts to retain them.
There hasn’t been much in the way of breaking news, but we will see a financial report from BlackBerry just before Christmas. That will be our next opportunity to see how the business is developing, and to hear how John Chen addresses the investment community.
For both BlackBerry shareholders and fans, some good news would make for a nice early Christmas present!