Shares of Research In Motion Ltd. slid more than 14% in pre-market trading after the wireless device maker lowered its forecast for the May quarter, citing weaker-than-expected sales of its BlackBerry smartphone devices.
At least five brokers downgraded the stock on Friday morning in response to the news, helping to push the shares below the $49 mark before the opening bell -- a level the stock has not seen since October of last year.
"We were wrong," wrote Peter Misek of Jefferies & Co., who cut his rating on the stock from buy to underperform.
"In addition to lowered May quarter guidance, our checks indicate RIM will see continued execution issues, product delays, and lackluster product launches for the next year," he added.
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