The smartphone maker after struggling for the past couple of years, is now planning on exiting the market by abandoning its management operations and sell it off to the major stakeholders, which will result in raising around a one billion dollars from its shareholders and institute investors. The plan is directed towards reviving the fortunes for the company and is basically a milking strategy that has to be used at such a condition where market competitiveness is negligible and profitability suffers.
The Chief Executive Officer of BlackBerry, Mr. Thorsten Heins, stated this week that he would leave the company within two weeks time, provided that the private placement comes to maturity of the funding source for the company i.e. convertible debentures.
The upcoming successor of Mr. Thorsten would be the ex-CEO of Sybase, John Chen, who ran the database and software development firm efficiently which was later acquired by SAP AG in the year 2010. The share price of BlackBerry fell by around 12% on this news where investors didn’t take the sell off plan of BlackBerry as a healthy sign for their investment plans.
LinkedIn visitors Linked
The largest social networking website for professionals witnessed a healthy boost in the number of unique visitors in the third quarter of 2013, where nearly 142.3 million unique visits were recorded. This notable improvement in traffic and user generation constitutes to around 30% gain from the last year. Out of these 142 million, around 40% of them were professionals, whereas the job postings on the networking platform soared by 24%.
The SP 500 index is doing well so far and is currently trading at its all time high level at 1764 where it has mild resistance set at 1766, breaking of which could allow the bulls to further roll the market and test the 1783 level. However, investors are eying on crucial data that are due today and tomorrow including the ECB statement, U.S. GDP quarterly, unemployment claims and most importantly the NFP and unemployment rate tomorrow. Risk can be taken for sellers with tight stop losses at this level, but it’s better to trade in the U.S. session.
To contact the reporter of this story: Jonathan millet at firstname.lastname@example.org