RIM pares gains as analysts say a buyout bid is unlikely

With the executives at Research in Motion (RIM) saying that they intend guiding a turnaround of the company on their own, and with analysts predicting that a buyout bid for the Canada-based BlackBerry maker appears quite unlikely, the company pared gains in Nasdaq.

On Wednesday, the RIM stock witnessed a 10 percent increase to $13.78 - after having touched $14.14 - at the New York close. This was the maximum rise that RIM has witnessed since October 5.

Ever since the beginning of August, there has been a 5 percent increase in RIM's stock at least 10 times, apparently in the wake of the `takeover' speculations which have been making rounds because of the stumbles and fall in valuation that the company has undergone in recent times.

While RIM had plunged 78 percent in 2011 till Tuesday, the increase that the company's stock on Wednesday came one day after a report in the Wall Street Journal revealed that Microsoft and Nokia had mulled a joint bid to takeover RIM, and a Reuters report said that Amazon had considered a bid for the BlackBerry maker.

However, with the RIN co-CEOs Jim Balsillie and Mike Lazaridis reiterating to the investors that they will engineer the company's recovery by themselves, Nomura Securities' New York-based analyst Stuart Jeffrey said that the RIM management "is unwilling to do a deal in the immediate future."