Research in Motion Among These Big Percentage Losers Jan 23rd

On a flat day of trading on Monday, traders looked for further direction in the U.S. equity markets from companies delivering earnings reports this week. The following companies were laggards in trading today and saw their stock prices dip by a big amount in market action:

Big losers:

Research In Motion Limited (NASDAQ:RIMM): The Board of Directors of Research In Motion, or RIM, announced that, acting on the recommendation of its Co-CEO to implement the succession plan they previously submitted to the Board, it has unanimously named Thorsten Heins as President and CEO. Heins was also appointed to RIM’s Board. The Board acted after conducting its own due diligence. Both appointments are effective immediately. Mike Lazaridis, former Co-Chair and Co-CEO, has become Vice Chair of RIM’s Board and Chair of the Board’s new Innovation Committee.I am so confident in RIM’s future that I intend to purchase an additional $50M of the company’s shares, as permitted, in the open market.” The company in the process of recruiting a new Chief Marketing Officer to work closely with their product and sales teams to deliver the most compelling products and services. The shares closed at $15.56, down $1.44, or 8.47%. They have traded in a 52-week range of $12.45 to $70.54.

Pan American Silver Corp. (NASDAQ:PAAS): Pan American Silver (NASDAQ:PAAS) and Minefinders Corporation (AMEX:MFN) are pleased to announce that they have entered into a definitive agreement (the “Arrangement Agreement”) pursuant to which Pan American will acquire all of the issued and outstanding common shares of Minefinders by way of a plan of arrangement. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held. The shares closed at $22.29, down $2.43, or 9.83%. They have traded in a 52-week range of $19.93 to $43.06.

MasTec, Inc. (NYSE:MTZ): The shares closed at $16.47, down $1.69, or 9.31%. They have traded in a 52-week range of $13.79 to $23.17.

VirnetX Holding Corporation (NYSEAMEX:VHC):

The shares closed at $23.89, down $1.66, or 6.5%. They have traded in a 52-week range of $11.02 to $41.77.

Mellanox Technologies, Ltd. (NASDAQ:MLNX):

The shares closed at $31.35, down $2.27, or 6.75%. They have traded in a 52-week range of $23.67 to $37.43.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com