RIM rallies on song service, Apple founder's exit

Reuters News
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Posted: Aug 25, 2011 10:33 AM
RIM rallies on song service, Apple founder's exit

TORONTO (Reuters) - Shares of Research in Motion rose more than 2 percent on Thursday, after the BlackBerry maker unveiled a new cloud-based music service that allows users to share songs with other subscribers.

RIM hopes the feature, which is not available on Apple's ubiquitous iTunes, will help its BBM Music service to compete with iTunes and other established brands.

The stock rose the day after Apple Chief Executive Steve Jobs stepped down, leaving the company to face the future without its founder and visionary. The news sent Apple shares lower.

RIM shares rose as much as 2.8 percent to C$29.04 on Thursday morning, before slipping to C$28.25.

Shares have risen more than 30 percent in the last 14 days, but are still well below a year high of C$69.30 in February.

(Reporting by Julie Gordon)