NEW YORK - The long-awaited debut of BlackBerry smartphones flopped on Wall Street.
The stock of BlackBerry maker Research in Motion Ltd. started to sink Wednesday afternoon soon after company CEO Thorsten Heins began to show off the redesigned smartphones, the Z10 and Q10. The downturn didn't reverse, even with the publication of mostly positive reviews of the new models. The company introduced the new devices along with a revamped operating system called BlackBerry 10 that emphasizes touch-screen controls, a concept popularized by Apple Inc.'s trend-setting iPhone and various devices running Google Inc.'s Android software.
RIM's stock dropped $1.88, or 12 percent, to close at $13.78. The shares have still doubled from a nine-year low of $6.22 in September. Even so, they remain well below their peak of $147 reached in 2008 when the iPhone was still considered to be more of a curiosity than a revolutionary mobile computing tool.