Following a disappointing earnings release, Research In Motion (RIMM) was cut to sell from neutral by Goldman Sachs (GS). Goldman said consumers are now more focused on apps rather than just email, so Blackberries will face fiercer competition from the Apple’s (AAPL) iPhone and Google’s (GOOG) Android.
Moreover, RIMM’s North American business has been in decline and international sales are not able to make up the difference. In RIMM’s newest earnings release, the company disappointed Wall Street by shipping less Blackberries than analysts expected. The stock is currently down over 5%.