BlackBerry-maker Research In Motion has announced its intent to buy back 2 million public shares and cancel them. This will shrink the overall number of RIMM stocks out there by about 0.36%. While that’s not an especially significant amount, it does show that RIM is feeling pretty good and about where they’re going, since they’re trying to increase demand (thus price) of their shares by reducing the supply of them. This is typically a signal that a company feels their stock is undervalued – I guess Jim-dog is putting his money where his mouth is after saying that we’ll be “blown away” by what BlackBerry’s coming next.
Investors seem to agree, with the stock price having jumped from around $72 this morning to about $74 this afternoon after the buyback announcement was made. To keep an eye on other financial goings-on in the wireless world, scope out our dedicated Financial section.
[via RIM]