BlackBerry shares have recovered from a sudden drop in value on this morning’s pre-market. An unexplained move in extended trading before the market opened in New York saw shares lose more than 15% lower than they closed on Monday afternoon, with no explanation from BlackBerry or from Wall Street.
Minutes before the bell was due to ring on Wall Street shares in the company were changing hands for $9.43, about 1% less than yesterday’s closing price.
A couple of theories are doing the rounds to explain the unexpected drop.
Images of an alleged device referred to as Project Oslo were leaked just prior to the drop
Images of an unreleased BlackBerry device were leaked and re-circulated which did BlackBerry no favours. We don’t cover BlackBerry leaks, so Google it if you are interested. While the leaked images did nothing to produce excitement from BlackBerry users, it is difficult to assume that they were the sole cause of the drop in share price.
Stories that major banks were going to abandon BlackBerry for another platform
Stories were circulating that major banks were dropping BlackBerry. Those rumors did not specify which banks that Blackberry were “reportedly” dropping BlackBerry
It was a “a fat-fingered trade”ÂÂ
A fat-fingered trade is Wall Street speak for a simple mistake that gets executed on the market. This is simply a mistake rather than manipulation or a sign of something to come. Basically, somebody hit the wrong button on their computer.
Whatever the reason for the unexplained drop, shares bounced back and finished up today at $9.54.
BlackBerry will release its earnings numbers for the three months through May on June 23.
