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Video Surveillance system tags, tracks and follows The BlackBerry maker's tumultuous year Saudi prince buys Twitter stake for $300 million Follow Reuters Facebook Twitter RSS YouTube Read In mourning, hermit kingdom North Korea seals itself | 3:03am EST Apple scores limited victory in smartphone patent war 12:11am EST "Dexter" writers considered incest storyline for years 19 Dec 2011 Clinton says U.S. to help women broker peace 19 Dec 2011 Blizzard strands motorists in Southwest, Plains 19 Dec 2011 Discussed 265 Ron Paul gains ground, further stirring Republicans 142 Ron Paul strongly defends anti-war policies 113 North Korea state TV says Kim Jong il has died Watched AT&T drops T-Mobile bid Mon, Dec 19 2011 Wild elephants on rampage in India Mon, Dec 19 2011 Pyongyang mourns the passing of Kim Jong Il Mon, Dec 19 2011 RIM stock sinks yet again as floor proves elusive Tweet Share this Email Print Related News Instant view: RIM profit drops 27 percent; shipments seen down Mon, Dec 19 2011 Analysis & Opinion Tech wrap: Is RIM circling the drain? Tech wrap: RIM under fire ahead of results Related Topics Tech » Hot Stocks » Asian Markets » Related Video RIM retrospective: the BlackBerry maker's tumultuous year Fri, Dec 16 2011 Research In Motion needs new management: analyst What would you do without your BlackBerry? A person uses the new Blackberry Bold 9900 at a release party to promote the BlackBerry OS 7 devices in Toronto August 3, 2011. Credit: Reuters/Mark Blinch TORONTO | Mon Dec 19, 2011 5:04pm EST TORONTO (Reuters) - The precipitous decline in the price of Research In Motion stock has left the market capitalization of the BlackBerry maker below the value of its cash, receivables and other current assets. Shares in the Canadian smartphone maker fell another 4 percent, to less than $13, on the Nasdaq on Monday. The shares fell 11 percent on Friday after RIM offered a dismal outlook and said it was delaying release of its make-or-break new smartphones until late 2012. They have lost more than half their value since the day before reporting second quarter earnings back in September. The fall gives RIM a market capitalization of less than $7 billion. RIM last week said it had current assets - which include short-term investments and discounted inventory - of $7.2 billion. That does not include long-term investments, property and intangible assets such as patents. RIM values those additional assets at about $7 billion. "The problem is it's a tech stock where revenue and earnings are declining year-over-year and the fundamentals are deteriorating," said Susquehanna Financial analyst Jeff Fidacaro, who considers $12 a possible floor, based mostly on a valuation of RIM's patents and its services business. RIM is struggling to move its smartphones across to the QNX operating system that powers its poorly-received PlayBook tablet computer. Even at the current price, potential acquirers are seen as likely to sit back until the switch is done, meaning there is no takeover premium to limit the fall. "The challenge becomes for a natural acquirer to see that integration challenge internally," said Fidacaro, who points to a February software update for the PlayBook as the next potential positive catalyst for the stock. RIM has suffered this year through a massive network outage, a deteriorating U.S. market share and a string of botched and delayed product launches, with its shares slumping from a high of more than $70 in February to the current level, the lowest since early in 2004, when RIM was just adding a color screen to its "email pagers". But it's still posting solid quarterly sales - cash flow from operations was $1.8 billion in the third quarter - unlike the failed or struggling companies it is often compared to. "It's not Palm which everyone is worried about," Fidacaro said, referring to a former rival which burned through cash as it fought to reinvigorate itself. Palm was later bought by Hewlett-Packard. RIM said it will spend $100 million to promote its BlackBerry 7 phones, which JMP Securities analyst Alex Gauna said will be destructive to sentiment. "Investors are likely to worry over a shift to cash consumption and hence erosion in tangible book value that the stock is closing on," he wrote. "Worse, consumers that fall prey to promotional activities likely come away disappointed in poorly performing and buggy devices, hence deepening damage to the brand ahead of Blackberry 10," he said, referring to the QNX-based devices initially promised for early in 2012 but now due out late next year. (Reporting by Alastair Sharp; editing by Janet Guttsman and Jeffrey Hodgson) Tech Hot Stocks Asian Markets Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) minzhu wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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