Tuesday, September 1st14.9°C
27215
27125

BlackBerry shares move higher on optimism over US Department of Defense

TORONTO - BlackBerry (TSX:BB) shares rose more than eight per cent Monday, after the smartphone company received a vote of confidence from the U.S. Department of Defense.

The government agency says about 80,000 BlackBerrys will be deployed on its new mobile device management system by the end of this month.

The number represents about 98 per cent of the initial haul of devices, which includes another 1,800 other devices like Apple's iPad, iPhone and tablets and phones on the Android operating system.

The disclosure last week also shows the U.S. government still considers the Waterloo, Ont.-based company part of its stringent security infrastructure.

Shares of BlackBerry closed up 82 cents, or 8.22 per cent, at $10.80 after having risen at high as $11.70 earlier in the session. Volume was very heavy at almost 7.8 million shares.

U.S. markets were closed in observance of Martin Luther King Day.

Both Google and Apple have dedicated more time to growing their position with government agencies and corporations with their own enterprise software.

A note from analysis firm Citron Research has urged Wall Street investors to reconsider their view of BlackBerry as a struggling smartphone maker.

"It is (our) opinion that it is suicidal to bet against well-capitalized strong management in the enterprise mobile space," said the research firm in a note.

"The reality is (BlackBerry) has a healthy balance sheet, with ample liquidity to execute its turnaround strategy and make the necessary investments for growth," Citron Research added.

The report focused primarily on the hiring of John Chen as Blackberry's new chief executive, and it firm's belief that there's a misperception about the company's business strategy.

Citron said analysts are too focused on BlackBerry as a hardware provider and not enough on its intention to develop software for the business community.

Follow @dj_friend on Twitter

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13546.76-312.36
S&P CDNX552.08-7.40
DJIA16167.08-360.95
Nasdaq4690.49-86.02
S&P 5001929.91-42.27
CDN Dollar0.7582-0.0031
Gold1136.90+5.30
Oil45.88-3.32
Lumber232.60-1.60
Natural Gas2.677-0.012

 
Okanagan Companies
Pacific Safety0.175-0.010
Knighthawk0.010.00
QHR Technologies Inc1.23+0.00
Cantex0.04-0.01
Anavex Life Sciences1.31-0.04
Metalex Ventures0.05-0.00
Russel Metals21.27-0.84
Copper Mountain Mining0.61-0.02
Colorado Resources0.075-0.005
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.015-0.005
Mission Ready Services0.085+0.015
Decisive Dividend Corp2.62-0.13

 





FEATURED Property
2337814#309-3220 Skyview Lane
2 bedrooms 2 baths
$249,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_








Member of BC Press Council


27074