For those of you that follow Research in Motions stock price, you know that it has been rough for the the Waterloo, Ontario based company over the passed 5 or 6 weeks. Back on September 23rd, RIM’s stock (RIMM) was up over $88 per share. Yesterday it closed at $57.61.
That being said, RIM’s board has approved a stock repurchase of common shares valuing up to $1.2 billion. That comes to about 21 million shares based on current market prices. RIM can commence with the repurchase starting next Monday, Nov. 9th.
I am not an investment professional, nor do I offer financial advice. I guarantee, however, this will be discussed heavily on CNBC today, so, you may want to tune in.