According to Traders, RIM's stock rose to a record today on speculation that Research in Motion (or somepart of RIM) is going to be acquired by Microsoft. Bloomberg.com has the Details.
RIM's stock gained $3.13, or 3.8 percent, to $84.95 at 11:21am this morning (New York Time) and earlier climbed as high as $85.
Steve Sachs, head of trading at Rydex Investments in Rockville, Maryland told Bloomberg, "We're hearing the same rumor everyone else is, the Microsoft and RIM rumor. I can't even count the number of times we've heard that over the last three years."
"There's a rumor Microsoft is going to acquire some or part of RIM, and that may be what's driving the stock up,'' Greg Palmer, head of equity trading at Pacific Crest Securities Inc. in Portland, Oregon also told Bloomberg. "But it doesn't make sense because they've already got a handheld product.'
Seems Crazy to me. What would RIM go for? 1.1 Jillion Dollars?! The real story here is, do you own RIM stock? Maybe it's time to buy some!
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