Tuesday, September 2nd17.1°C
23201
22746

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

23167


Recent Trending




Today's Market
S&P TSX15606.88-18.851
S&P CDNX1012.98-11.01
DJIA17053.24-45.21
Nasdaq4591.031+10.759
S&P 5002000.27-3.10
CDN Dollar0.9157-0.0037
Gold1287.40-3.30
Oil95.96+1.29
Lumber350.40+2.00
Natural Gas4.116+0.014

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.18-0.01
Cantex0.08+0.01
Anavex Life Sciences0.2425-0.0075
Metalex Ventures0.07-0.005
Russel Metals36.44-0.04
Copper Mountain Mining2.91-0.02
Colorado Resources0.165-0.015
ReliaBrand Inc0.0801-0.0199
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 





FEATURED Property
20319393442 Turnbull Road
3 bedrooms 2 baths
$499,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_








Member of BC Press Council