Breaking news this morning has new RIM board member Prem Watsa increasing his stake in RIM to 5.12%. Prem Watsa is the CEO of Fairfax Financial Holdings Ltd. Mr. Watsa, Fairfax, and other companies related to them bought 6,499,500 shares of RIM on Wednesday and an additional 7,550,700 on Thursday, according to filings with U.S. securities regulators. This seemed to be initially good to investors as RIM was up as high as 1.5% in pre-market trading, but, as of 9:13 am est they have gone down to no change since yesterday. It will be interesting how this plays throughout the day on the stock.
**** Update**** As of 10:07 am est the stock is up 3.38%. RIM stock has now fully recovered from the initial drop after the CEO announcement on Monday.