Research In Motion Shares Drop, InFocus Gains: U.S. After-Hours
Research In Motion Ltd. (RIM) slipped in extended U.S. trading after the maker of the BlackBerry e-mail phone delayed filing its second-quarter results as it completes a review of stock-option practices and restates earnings.
The Waterloo, Ontario-based company slipped $1.38, or 1.2 percent, to $112.46 as of 5:29 p.m. New York time. Research In Motion's audit committee found further errors in the way the company accounted for some grants in addition to backdating announced last month, the company said in a statement today.
In September, Research In Motion said that incorrect dates on stock-option grants since 1998 will cut net income by as much as $45 million. The probe found the company wrongly accounted for options that allowed some holders to avoid paying the exercise price in cash by foregoing some shares.
InFocus Corp. gained 13 cents, or 5 percent, to $2.74. The company, which hired Banc of America Securities this week to help it find ways to boost its stock price, said it will consider selling itself. On Oct. 10, the world's biggest maker of multimedia projectors said third-quarter sales fell as much as 40 percent because of lower-than-expected sales of its meeting-room projectors in the U.S. and Europe.
December futures for the Standard & Poor's 500 Index rose 2.90 to 1373.60, while Nasdaq-100 Index futures added 6.50 to 1739.25. The Nasdaq-100 After-Hours Indicator, which tracks stocks in the Nasdaq-100 that are traded between 4 p.m. and 6:30 p.m., added 6.75 to 1725.68.
In regular trading, U.S. stocks rose, extending a three- week rally, after a drop in gasoline prices spurred retail sales and lifted consumer confidence. The Dow Jones Industrial Average closed at a record.
The Dow industrials added 12.81, or 0.1 percent, to 11,960.51. The Standard & Poor's 500 gained 2.79, or 0.2 percent, to 1365.62, a level not seen since February 2001. The Nasdaq Composite Index rose 11.11, or 0.5 percent, to 2357.29.
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